MONTREAL, Aug. 6 /CNW Telbec/ - EXCEL GOLD MINING INC. (TSX Venture: EGM)
Excel Gold Mining Inc. ("Excel") (TSX-V: EGM) is pleased to announce a
non-brokered private placement of $800,000.00 through the sale of 8,421,052
flow-through units ("FT Units") at $0.095 each to the MineralFields Group (the
"Offering"). Each FT Unit is comprised of one (1) common share, to be issued
as a "flow-through share", and one (1) non-flow-through common share purchase
warrant, exercisable at a price of $0.135 per share no later than eighteen
(18) months following the date of issuance.
In connection with the Private Placement, Limited Marked Dealer Inc.
shall receive 421,052 options to purchase FT Units, each exercisable at a
price of $0.095 no later than eighteen (18) months following the date of
issuance and a cash fee equal to 7.5% of the subscription proceeds.
All the securities issued pursuant to the Offering are subject to a four
(4) month hold period from the date of issuance. The Offering is subject to
various regulatory approvals, including approval by the TSX Venture Exchange
The proceeds of the Offering will be used to fund Excel's exploration
project in the Montauban Mining Camp, in the Province of Quebec.
"We are very pleased to be entering into this relationship with
MineralFields Group", said Patrick Lessard, President of Excel. "This is an
important milestone in Excel's growth and we look forward to working with
MineralFields Group as we develop our holdings in Quebec."
About MineralFields, Pathway and First Canadian Securities(R)
MineralFields Group (a division of Pathway Asset Management), based in
Toronto and Vancouver, is a mining fund with significant assets under
administration that offers its tax-advantaged super flow-through limited
partnerships to investors throughout Canada as well as hard-dollar resource
limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds (including the Pathway Multi Series Funds
Inc. corporate-class mutual fund series). Information about MineralFields
Group is available at www.mineralfields.com.
First Canadian Securities(R) is active in leading resource financings
(both flow-through and hard dollar PIPE financings) on competitive, effective
and service-friendly terms, and offers investment banking, mergers and
acquisitions, and mining industry consulting, services to resource companies.
MineralFields and Pathway have financed several hundred mining and oil and gas
exploration companies to date through First Canadian Securities(R).
For more information about Excel, please visit the company's corporate
web site at: www.excelgoldmining.com
Forward looking Statement:
This document contains certain forward looking statements which involve
known and unknown risks, delays, and uncertainties not under the Company's
control which may cause actual results, performance or achievements of the
Company to be materially different from the results, performance or
expectation implied by these forward looking statements.
"Neither 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 or accuracy of this release."
For further information:
For further information: Patrick Lessard, President, Excel Gold Mining
Inc., (514) 951-7776