Vancouver, British Columbia - Advance Gold Corp. (the "Company") is pleased to announce that it has entered into an agreement (the "Agreement") dated November 27, 2012 with AMA Gold Exploration Ltd. ("AMA"), a private British Columbia company, pursuant to which the Company has agreed to carry out and complete $150,000 of exploration work on AMA's Dancer Property located near Egmont, BC by December 31, 2013 in exchange for 750,000 common shares in the capital of AMA, which will represent at least 25% of AMA's outstanding share capital at the time of issuance.
The Company also announces that it will conduct a non-brokered private placement of up to 1,000,000 units ("Units") of the Company at a price per Unit of $0.20 for aggregate proceeds of up to $200,000. Each Unit will consist of one non-flow-through common share in the capital of the Company, three flow-through common shares in the capital of the Company and one-half of one non-transferable share purchase warrant, each whole warrant entitling the holder to purchase one additional common share at a price of $0.10 per share for twelve months from the date of issuance.
In accordance with applicable securities legislation, all securities issued will be subject to a hold period of four months and a day from the date of completion of the financing. The proceeds of the private placement will be used by the Company for general corporate purposes and to fund the exploration program on AMA's Dancer Property.
For additional information, please contact:
James T. Gillis, President and Chief Executive Officer
Telephone: (250) 314-0186
This news release contains certain statements that may be deemed "forward-looking". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.
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