VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2013) - Angel Gold Corp. (the "Company") (News - Market indicators) has agreed to increase the previously announced non-brokered private placement of 10,000,000 units at $0.10 per unit up to 20,000,000 units at $0.10 per unit for gross proceeds of $2,000,000. Each unit is comprised of one common share of the Company and a one-half share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one additional common share of the Company at a price of $0.15 per share for a period of two years from the date of closing of the non-brokered private placement.
The units issued with respect to the offering will be subject to a four month hold period in accordance with applicable Canadian Securities Laws. A portion of the private placement may be subject to a finder's fee that will be payable at 6% in cash or units with respect to certain private placement subscribers and in accordance with the policies of the TSX Venture Exchange. The finder's fee units are subject to the same terms as the private placement units above.
Proceeds from the private placement will be used to commence a drilling program on Angel's El Cafetal property in Colombia and for general working capital.
The non-brokered private placement is subject to the approval of the TSX Venture Exchange.
On Behalf of the Board of Directors of Angel Gold Corp.
Blanca Stella Frias, Director, President and Chief Executive Officer
This news release contains certain "forward- looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release. The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release.