|By Marketwired .||
|December 20, 2013 06:50 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/20/13 -- Minaurum Gold Inc. ("Minaurum") (TSX VENTURE: MGG) is pleased to announce that, further to its news release earlier today, it has completed a first tranche closing on $375,000 of its $750,000 non-brokered private placement. Minaurum has issued 7,500,000 units at a price of $0.05 per unit. Lowell Copper Ltd. subscribed for the entire first tranche.
The funds raised by way of the private placement will be used for exploration and drill permitting at its Vuelcos del Destino project in the Guerrero Gold Belt as well as for working capital purposes. In addition to the contractual restrictions disclosed in Minarum's news release earlier today, the securities are subject to a hold period and may not be traded until April 21, 2014.
As a result of the closing of the first tranche, Lowell Copper Ltd. beneficially owns a total of 7,500,000 common shares of Minaurum and share purchase warrants entitling it to purchase an additional 7,500,000 common shares, which represents 12.4% of Minaurum's issued common shares on a non-diluted basis or 22.1% on a partially diluted basis assuming only the exercise of the share purchase warrants held by Lowell Copper Ltd. Lowell Copper Ltd. acquired the securities for investment purposes. Lowell may, subject to the previously disclosed restrictions on transfer agreed upon with Minaurum, increase or decrease its ownership of common shares of Minaurum from time to time as it may determine appropriate.
Minaurum Gold is a gold-copper explorer focused on its Vuelcos del Destino project in the Guerrero Gold Belt, Mexico. For more information, please visit our website at www.minaurum.com and our YouTube Minaurum Video Channel (http://www.youtube.com/user/minaurumgold).
ON BEHALF OF THE BOARD
Darrell A. Rader, President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release, including statements regarding the intended use of proceeds, constitute forward-looking information. In making the forward-looking statements in this release, Minaurum has applied certain factors and assumptions that are based on Minaurum' s current beliefs as well as assumptions made by and information currently available to Minaurum, including that the Minaurum is able to obtain any required government or other regulatory approvals, equipment and personell for its planned operations and that actual results of exploration activities will be consistent with management's expectations. Although Minaurum considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including actual results of Minaurum's operations being different than those expected by management and delays in obtaining or failure to obtain required government or other regulatory approvals, equipment, personnel or financing. Readers are cautioned not to place undue reliance on forward-looking statements. Minaurum does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.