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Re: News Release - Wednesday, January 30, 2008
Cangold Announces $1,008,000 Financing
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CANGOLD LIMITED (TSX-V: CLD, the "Company") announces a non-brokered
private placement financing of up to Cdn$1,008,000 consisting of up to
5.6 million units at Cdn$0.18 per unit. Each unit comprises one common
share and one-half non-transferable share purchase warrant.
Each full warrant entitles the holder to acquire, upon exercise, one
additional common share at Cdn$0.25 for a period of one year, provided,
however, that should the closing price of the Company's shares on the
TSX Venture Exchange be at least Cdn$0.35 per share for 20 consecutive
trading days (at any time at or following the expiry of the four month
resale restriction period), the Company may, by notice to the holder
(supplemented by a new release of general dissemination) reduce the
remaining exercise period applicable to the warrants to not less than
30 days from the date of such notice.
Finder's fees may be paid on portions of the private placement.
The private placement shares, any shares acquired upon exercise of the
warrants and any securities issued in payment of finder's fees will be
subject to a four-month hold period.
The financing proceeds will be used for further exploration of its Los
Venados and Plomo properties, property acquisition investigations, and
for working capital.
For further information please visit the Company's website at
www.cangold.ca or contact Don Mosher, at telephone 604 685 6465, fax
604 685 9744 or e-mail info@cangold.ca
ON BEHALF OF THE BOARD
Kaare G. Foy
Executive Chairman
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
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Copyright (c) 2008 CANGOLD LIMITED (CLD) All rights reserved. For
more information visit our website at http://www.cangold.ca/ or send
mailto:info@cangold.ca
Message sent on Wed Jan 30, 2008 at 1:29:32 PM Pacific Time
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