Threegold Announces Closing of Private Placement (2011-05-11)
VAL-D'OR, QUEBEC, CANADA - Threegold Resources Inc. (TSX VENTURE:THG) ("Threegold" or the "Company") is pleased to announce that further to its news release dated April 25th, 2011, has closed its non-brokered private placement consisting of 3,500,000 units at a price of $0.30 per unit, for aggregate gross proceeds of CDN$1,050,000. Each unit consists of one common share and one full share purchase warrant. Each Warrant will be exercisable to purchase one common share of the Company for 12 months, at a price of $.40 per share. The warrants may be subject to a forced conversion, which comes into effect once the shares trade above a weighted average price of $0.60 for a twenty consecutive trading-day period. In the event of a forced conversion the warrant holders will have 30 days to exercise warrants.
The net proceeds from this private placement will be used for general working capital purposes. Finder's fees of $84,000 have been paid in cash and 280 000 finder's warrants have been issued to Primary Capital Inc. Each finder's warrant, will entitle its holder to acquire one common share at a price of $0.30 for a period of twelve (12) months. All securities issued have a hold period expiring September 12, 2011.
ABOUT THE COMPANY
Threegold has established itself as one of the premier exploration companies in Quebec. The Company consists of a highly qualified technical team with extensive Quebec-based exploration experience including previous gold discoveries and expertise in geology, financing and public company management.
Threegold's focus is to create shareholder wealth through the discovery of new gold deposits with a 100% focus in Canadian assets mainly Quebec. As an emerging mineral exploration company, investors have the opportunity to participate in a Portfolio of high quality exploration projects and in turn the potential to take part in a major gold discovery.
With a strategic property portfolio and a solid alliance with Osisko, Threegold's goal is to discover a low cost producing, multi-million ounce gold deposit in Quebec.
ON BEHALF OF THE BOARD
President and CEO
For Additional information, please contact:
Mr. Victor Goncalves
Mr. Sylvain Laberge
Mr. Antoine Fournier, P. Geo.
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.
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