|By Marketwired .||
|July 2, 2014 08:19 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/02/14 -- SnipGold Corp. (TSX VENTURE: SGG) ("SnipGold" or the "Company") is pleased to announce, subject to TSX Venture Exchange ("TSX-V") approval, a non-brokered private placement of up to 1,500,000 flow-through units ("Units") of the Company for gross proceeds of up to $150,000.
Each Unit will be priced at $0.10 and will consist of one flow-through common share and one-half of one non-transferable warrant of the Company, with each whole warrant entitling the holder to purchase one non-flow-through common share of the Company at $0.12 per share for a period of 18 months from the closing of the private placement.
Fees and Proceeds
Subject to TSX-V approval, the Company may pay up to 7% cash finders' fees in connection with the private placement.
The proceeds of the private placement will be used to carry out a small verification field program this season, to complete pre-existing field commitments and for the continuation of the compilation and interpretative work. The field program will test some of the interpretative work completed over the last year and is expected to be held in conjunction with Colorado Resources Ltd.'s ("Colorado") first exploration program on the KSP property in connection with an earn-in agreement between Colorado and the Company (see News Release dated December 20, 2013).
SnipGold Corp. is a Canadian junior exploration company focused on the exploration and expansion of gold resources in northwest British Columbia. SnipGold's board and management have significant experience in discovery, exploration and development of gold projects.
On Behalf of the Board of Directors of SnipGold Corp.
John Zbeetnoff, Chief Executive Officer
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 OR ACCURACY OF THIS RELEASE