Vangold Announces $3 Million Financing
VANGOLD RESOURCES LTD. TSX-V:VAN
NEWS RELEASE
VANGOLD ANNOUNCES $3 MILLION FINANCING
March 24, 2010 – Vancouver, BC - Vangold Resources Ltd. ("Vangold" or the "Company") is pleased to report that the Company has negotiated a non-brokered private placement of up to 15,000,000 units at a price of $0.20 per unit for aggregate gross proceeds of up to $3,000,000.
Each unit will consist of one common share and one non-transferable warrant, with each warrant entitling the holder to purchase one additional common share at $0.25 for a period of 18 months following the closing date. The warrants will be subject to an accelerated expiry if, at any time after four months and a day after closing, Vangold's common shares close at or above $0.40 for 10 consecutive trading days on the TSX Venture Exchange (the “Exchange”).
The securities issued pursuant to the private placement will be subject to a four month hold period from the closing date. The Company may pay finder's fees in connection with the private placement, subject to compliance with the policies of the Exchange. Completion of the private placement and the payment of any finder's fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the Exchange.
The proceeds of the private placement will be used for the continued exploration and development of the Company's Papua New Guinea gold projects, primarily Mt Penck, and for general working capital purposes. Mt Penck is Vangold’s flagship gold property in Papua New Guinea.
To find out more about Vangold Resources Ltd. please visit our website at www.vangold.ca or contact Dal Brynelsen at 604-684-1974 or by email [email protected].
On Behalf of the Board of VANGOLD RESOURCES LTD.
"Dal Brynelsen"
Dal Brynelsen, President and CEO
Disclaimer for Forward-Looking Information
Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
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Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
Neither 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.