Oct 30 2010
Crown Gold Corporation (TSX VENTURE:CWM) has announced that it has successfully completed today its previously announced $1,500,000 brokered private placement with MGI Securities Inc and Pope & Company.
An aggregate of 15,000,000 units ("Units") were sold at $0.10 per Unit for gross proceeds of $1,500,000. Each Unit is comprised of one common share of the Corporation (a "Common Share") and one Common Share purchase warrant. Each whole warrant (a "Warrant") entitles the holder to purchase one Common Share, at any time within 15 months after the Warrant issue date, at a price of $0.18.
MGI and Pope received cash commissions equal to 10% of the gross proceeds of the Private Placement and non transferable compensation options (the "Agent's Compensation Options") equal to 10% of the Units sold under the Private Placement. Each Agent's Compensation Option entitles the holder to purchase, at any time for a period of 15 months following the issue date, one Unit at a price of $0.10.
The proceeds from the Private Placement will be used to continue exploration programs at Crown's property on McKenzie Island in Red Lake, Ontario and at Crown's Monte Cristo property in Nevada, as well as for general working capital purposes.
All the securities issued pursuant to this Private Placement are subject to a four (4) month hold period expiring March 1, 2011.
Source: Crown Gold Corporation