BRIGADIER GOLD ANNOUNCES CLOSING OF PRIVATE PLACEMENT FINANCING AND MOZAMBIQUE GOLD CORP. ACQUISITION
Further to its press releases dated March 29, 2012, March 30, 2012, April 10, 2012, and April 12, 2012, Brigadier Gold Ltd. has closed an $822,500 private placement financing, the proceeds of which will be used for general corporate purposes and as described below. The private placement consisted of the issuance of units at a price of five cents per unit, with each unit consisting of one common share and one common share purchase warrant, each warrant entitling the holder to purchase one common share over a two-year period at a price of 10 cents per common share.
In connection with the private placement, Brigadier has paid to finders (i) cash fees of 8 per cent on that portion of the funds raised by the respective finder and (ii) warrants to purchase common shares equal to 8 per cent of the number of units sold by Brigadier through the respective finder's introduction(s) at 10 cents for a period of 12 months following closing.
In addition to the private placement, Brigadier is pleased to report that it has completed the acquisition of all of the issued and outstanding shares of Mozambique Gold Corp., in exchange for the payment of $2.00 to the vendor of MGC. In addition, Brigadier has agreed to cause MGC to repay a shareholder loan in the amount of $325,000, which moneys were raised through the private placement. MGC owns proprietary due diligence information, research material and reports on several gold exploration projects in Mozambique.