/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
VANCOUVER, Sept. 22, 2011 /CNW/ - Cosigo Resources Ltd. (TSXV: CSG)
today announced the closing of a non-brokered private placement of
1,008,366 units at a price of $US0.50 per unit, for total gross
proceeds of $US504,183.
"Colombian and Brazilian investors have oversubscribed to this
non-brokered private placement. These investors are familiar with our
project areas and have been closely following our progress in the
Taraira Gold Belt," said Dennis W. Milburn, President and CEO of Cosigo. "We are delighted by their show of confidence."
Each of the units consists of one common share and one common share
purchase warrant. Each warrant will entitle the holder to acquire, for
a period of two years, one additional common share of the Company at a
price of US$1.00 during the first year following the closing of the
private placement and US$1.25 during the second year. All securities
issued in the private placement will be subject to a four-month hold
period expiring January 23, 2012. The net proceeds of the non-brokered
private placement will be used to advance a drilling program at the
Company's Machado project, located in the Taraira Gold Belt in
southeastern Colombia, and for general working capital purposes.
About Cosigo Resources:
Cosigo Resources Ltd. (TSXV: CSG) is a Vancouver-based company exploring
for gold deposits in Colombia and Brazil. Cosigo has assembled a strong
team, well experienced in South America and in the exploration and
mining-finance industries. The Company's flagship project is its 100%
owned Machado Project in the Taraira Gold Belt of southeastern Colombia
where geological mapping and geochemical sampling have identified
potentially gold-bearing strata over a strike-length of more than 20
km. Cosigo's ongoing work on the 9,973 hectare Machado Project is the
first modern exploration program in an area known to have hosted more
than 100 historic gold mining operations.
Cautionary Notice: This release may contain forward-looking statements regarding the
Company's business or financial condition, including the proposed
completion of financings, use of proceeds and exploration programs.
Actual results could differ materially from those described in this
news release as a result of factors, including, but not limited to the
following: the timing and completion of financings, the actual use of
proceeds, the timing, results and success of exploration and
development programs, financial arrangements, the ability to obtain
additional financing, developments in global resource markets,
political developments, the timing of regulatory and environmental
approvals and other factors. The Company cautions that these and
similar statements involve risk and uncertainties, which could cause
actual results to differ materially from those in the forward looking
statement. Forward-looking statements are made in the context of
information available as of the date stated. The Company undertakes no
obligations to update or revise such statements to reflect new
circumstances or unanticipated events as they occur, unless required by
On behalf of the Board of Directors
Cosigo Resources Ltd.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy of this release.
SOURCE Cosigo Resources Ltd.
For further information:
Cosigo Resources Ltd.
Dennis Milburn, President & CEO
Tel: 877-866-8688 (North America)