CALGARY, ALBERTA--(Marketwire - Feb. 27, 2013) - MGold Resources Inc. (News - Market indicators) ("MGold" or the "Corporation") announced today that it settled outstanding indebtedness of $50,500 through the issuance of 1,010,000 common shares of the Corporation at a deemed price of $0.05 per share. The common shares issued in connection with the debt settlement are subject to a four month hold period that expires on June 27, 2013.
Hugh Loney, a director of MGold, subscribed for 210,000 common shares under the debt settlement. MGold has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the common shares (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).
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".