Advance Gold Corp. (TSXV: AAX) ("Advance Gold" or "the Company") announces that, subject to the approval of the TSX Venture Exchange, it proposes to undertake a non-brokered private placement of units (the "Units") at a price of 8 cents ($0.08) per Unit for gross proceeds of up to $200,000. Each Unit shall be comprised of one common share in the capital of the Company and one common share purchase warrant.
Each warrant shall entitle the holder to purchase one common share at a price of 10 cents ($0.10) per share at any time within 12 months of the date of issuance. All securities to be issued under this private placement will be subject to a four-month resale restriction.
The company intends to close the private placement immediately following the satisfaction of customary closing conditions, including receipt of all regulatory approvals. Advance Gold will use the net proceeds of this private placement for general corporate purposes and to advance our Tabasquena silver project in Zacatecas, Mexico.
A finder's and/or administrative fee may be paid to registered representatives in connection with the offering.
About Advance Gold Corp. (AAX.V)Advance Gold is a TSX-V listed junior exploration company focused on exploring and acquiring mineral properties containing precious metals. The Company currently has a 14% interest on the Kakamega advanced gold project in Kenya. The remaining 86% of the Kakamega project is held by Acacia Exploration Kenya Ltd. If Advance Gold elects to be diluted to less than 10% of the project, it retains an uncapped 3% NSR.
By news release dated February 27, 2015, Acacia Exploration Kenya announced a maiden NI 43-101 compliant Inferred Mineral Resource Estimate of 1.31 million ounces of gold at 12.1 grams per tonne at the adjoining West Kenya Project.
In addition, Advance Gold has recently acquired a 100% interest in the Tabasquena Silver Mine in Zacatecas, Mexico.
For further information, please contact:
Allan Barry Laboucan, President and CEO
Phone (604) 505-4753
This news release contains certain statements that may be deemed "forward-looking statements. 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 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.