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MGold Announces Closing of Financing
Published : December 03, 2012
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Keywords :   Market Conditions | Oil |
CALGARY, ALBERTA--(Marketwire - Dec. 3, 2012) - MGold Resources Inc. (News - Market indicators) ("MGold" or the "Corporation") advises that it has closed its previously announced financing, subject to final approval from the TSX Venture Exchange. Pursuant to the non-brokered private placement, the Corporation issued 5,500,000 common shares at a price of $0.05 per share for gross proceeds of $275,000. Net proceeds will be used for acquisition or farm-in of producing oil and gas properties and for general corporate purposes. The shares issued in connection with the private placement will be subject to a four month hold period that expires on March 31, 2013.

John Squarek, the President, Chief Executive Officer and a director of the Corporation, subscribed for 4,000,000 common shares under the private placement. MGold has determined that there are exemptions available from the various requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for the issuance of these shares, (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization). No new insiders were created, nor has any change of control occurred, as a result of this private placement.

As Mr. Squarek, the President, CEO and a director of MGold, acquired 4,000,000 common shares, upon completion of the private placement, Mr. Squarek will own or control 9,050,000 common shares or approximately 21.73% of the total issued and outstanding common shares of MGold. The purchase of the shares by Mr. Squarek was made for investment purposes. Mr. Squarek may increase or decrease his investment in MGold depending on market conditions or any other relevant factors.

MGold Resources Inc. is a Lethbridge, Alberta based corporation engaged in the exploration for minerals. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "MNI".

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

MGold Resources Inc.
John Squarek
President and Chief Executive Officer
Companies Mentionned : Aura Minerals | Mgold Resources | Total |
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MGold Resources Inc

ISIN : CA8753521068
CUSIP : 56880Q
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MGold Resources is an exploration gold company based in Canada.

MGold Resources holds various exploration projects in Canada and in USA.

Its main exploration properties are NEEDLE LAKE and BURCHELL LAKE in Canada and GOLDCREEK in USA.

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Annual reports of MGold Resources Inc
Annual Report 2007
Financings of MGold Resources Inc
4/15/2013.: Closing of Debenture Issue
1/31/2013Announces Proposed Debenture Offering
12/3/2012Announces Closing of Financing
10/31/2012Announces Extension Of Financing
12/23/2010Announces Private Placement Offering
6/19/2007Closes $1,500,000 Private Placement Financing
Nominations of MGold Resources Inc
10/12/2012Announces Appointment of Chief Financial Officer and Corpora...
4/1/2011Appoints New Chief Financial Officer
Project news of MGold Resources Inc
6/16/2011Announces an Agreement with Silver Reserve Corp. On the Silv...
9/30/2007(Burchell Lake)Exploration Update on Mengold's Shebandowan Programs. Diamon...
Corporate news of MGold Resources Inc
9/20/2013. Changes Its Name to Tanager Energy Inc.
7/15/2013.: Corporate Update
6/21/2013Announces Delay of Annual General Meeting
4/9/2013Announces Termination of Oil and Gas Project Participation
3/18/2013. Appoints Vice President of Production and Corporate Secret...
2/27/2013Announces Shares for Debt Transaction
2/21/2013Announces Property Evaluation Results
1/21/2013Announces Shares for Debt Transaction
1/4/2013Announces Oil and Gas Project Letter of Intent
11/15/2012.: Oil and Gas Project Participation
3/24/2011Completes $599,970 Private Placement
2/25/2011Completes Private Placement Offering
4/16/2007Extensive Gold Encountered in I-Zone Surface Program at Meng...
3/5/2007Promising Geophysics at Mengold's Goldcreek Property
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