Cosigo Resources Ltd. Closes $1,113,775 Private Placement
18 Jun, 2013, 08:17 ET
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VANCOUVER, June 18, 2013 /CNW/ - Cosigo Resources Ltd. (TSXV: CSG) today announced the closing of a non-brokered private placement of 4,455,100 units at a price of $0.25 per unit, for total gross proceeds of $1,113,775.
"Investors have oversubscribed to this non-brokered private placement. Colombian and Brazilian investors have contributed more than one quarter of the total. All investors in this private placement are familiar with our project areas in the Taraira Gold Belt and we are pleased by their show of confidence." said Dennis W. Milburn, President and CEO of Cosigo.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire for a period of one year one additional common share of the company at a price of $0.50.
The net proceeds of the private placement will be used by the company for the reverse-circulation drilling program and continuing exploration on its Machado Project in Colombia and for general corporate purposes. No finder's fees were paid for this private placement. All securities issued in the private placement will be subject to a four-month hold period expiring October 17, 2013.
Machado Drill Program:
Reverse-circulation drilling has begun in the Cerro Rojo area of the Machado Project. The drill holes are being sampled in five-foot intervals which produce samples weighing approximately 20 kilograms apiece. The entire sample will be moved off-site for drying, processing and preparation for assay. Assaying will be carried out at ALS Laboratories in North Vancouver. Assays are expected to be available after the drilling program has been completed.
About Cosigo Resources:
Cosigo Resources Ltd. (TSX-V: 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 applicable law.
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)
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