|July 07, 2010|
Minaurum Gold Closes Final Tranche of Private Placement
|On April 13, 2010, Minaurum Gold (TSXV:MGG) Inc. (the "Company") announced a non-brokered private placement to raise up to $5,000,000 through the sale of up to 8,333,333 common shares at a price of $0.60 per share (the "Private Placement"). The Company completed a first tranche closing of its Private Placement on May 14, 2010 and issued 6,204,995 shares ($3,722,997); and issued finder's fees comprising of $44,114 cash and 92,167 common shares (the "First Tranche Closing").|
The Company is pleased to announce that it has completed a second and final tranche closing of its Private Placement ("Second Tranche Closing") and issued a further 1,028,300 common shares (the "Shares") at a price of $0.60 per Share for proceeds of $616,980. Finder's fees of $10,290 cash and 5,831 common shares ("Finder's Fee Shares") were paid in connection with the Second Tranche Closing. The Shares and Finder's Fee Shares issued with the Second Tranche Closing are subject to a hold period expiring November 8, 2010.
The Company has raised aggregate Private Placement proceeds of $4,339,997 through the First Tranche and Second Tranche Closings.. The Private Placement proceeds will be used for working capital purposes, exploration on the Company's mineral properties in Mexico and for further acquisitions.
Minaurum Gold Inc. is a gold and silver exploration company focusing on the acquisition and development of district-scale precious metals deposits in Mexico. The Company is currently advancing its Adelita, Aurena, Capilla and Vuelcos del Destino Projects located in Mexico.
On behalf of the Directors of Minaurum Gold Inc.
"Darrell A. Rader"
President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
1500 - 409 Granville St. Telephone 778 330-0994
Vancouver, BC V6C 1T2 firstname.lastname@example.org
Forward Looking Statement: Some of the statements contained in this press release are forward-looking statements. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control, including, but not exclusively, statements regarding potential mineralization, exploration results, completion of work program and studies, and future plans and objectives of the Company. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production.
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