BCGold Corp. Closes Second Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA, Sep 29, 2011 (Marketwire via COMTEX News Network) --
BCGold Corp. (the "Company") (TSX VENTURE:BCG)(PINK SHEETS:BCGOF) is pleased to announce that it has closed the second tranche of its private placement previously announced on July 11, 2011. The Company raised an additional $126,080 through the issuance of 500,000 non-flow-through units ("NFT Units") at a price of $0.10 per NFT Unit and 634,000 flow-through units ("FT Units") at a price of $0.12 per FT Unit.
Each NFT Unit will consist of one common share and one-half of one common share purchase warrant. Each whole such warrant will entitle the holder to purchase one additional non-flow-through common share at a price of $0.20 per share for one year, expiring September 28, 2012. Each FT Unit will consist of one flow-through or one BC super flow-through common share and one-half of one common share purchase warrant. Each whole such warrant will entitle the holder to purchase one additional non-flow-through common share at a price of $0.30 per share for one year, expiring September 28, 2012. All securities issued pursuant to the private placement are subject to a four month hold period expiring January 29, 2012. This offering was subscribed to by a number of private investors, including one insider of the Company.
The Company intends to use the proceeds of this private placement for bulk sampling, test mining and on-site milling, drilling and other exploration work on the Engineer Mine property in British Columbia; generative copper-gold exploration in British Columbia and Yukon; and for general working capital purposes.
About BCGold Corp.
BCGold Corp. (TSX VENTURE:BCG) is a Vancouver-based junior resource company focused on copper and gold exploration and development in under-explored historic and emerging mining districts in British Columbia and Yukon. The Company acquires and develops conceptual, early and mid-stage, exploration opportunities and advances them towards resource development by using internal expertise, engaging preferred joint venture partners, and creating strategic alliances with major exploration and mining companies. Institutional investors hold 21% of the Company's outstanding shares and Kinross Gold Corporation holds 8%.
On behalf of the Board of Directors,
Brian P. Fowler, P. Geo., President & CEO
