True Gold Mining Closes Financing
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/09/13 -- True Gold Mining Inc. (TSX VENTURE: TGM) ("True Gold" or the "Company") is pleased to announce that the Company has closed the C$9,999,999.90 non-brokered private placement (the "Placement") with Teck Resources Limited (TSX: TCK.A)(TSX: TCK.B)(NYSE: TCK) ("Teck") announced on May 8, 2013.
True Gold issued 30,303,030 common shares ("Shares") at a price per Share of $0.33 to Teck. Teck now holds 32,053,030 Shares, representing approximately 15% of shares outstanding.
Proceeds of the Placement will be used to accelerate exploration at True Gold's Karma Gold Project and the Liguidi Project in Burkina Faso, West Africa, and for general working capital purposes.
No finder's fees or commissions will be paid in connection with this Placement. The TSX Venture Exchange has conditionally approved the financing. The Shares issued to Teck are subject to a hold period of four months plus one day from the closing date, and may not be traded until Sept. 10, 2013.
About True Gold
True Gold Mining Inc. is where gold comes to life. We are committed to growing a successful gold exploration, development and production company, by focusing on projects with low costs, low technical risks and solid economics. The Company's board, management and technical teams have proven track records in gold exploration, development, operations and production worldwide.
Additional information about the Company and its activities may be found on the Company's website at www.truegoldmining.com and under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD
Mark O'Dea, Executive Chairman
Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding the proposed use of proceeds from the private placement, the assumptions set forth in this news release and risks and uncertainties relating to the possibility that future exploration and development results on the Karma Gold Project and Liguidi Project will not be consistent with the Company's expectations, accidents, equipment breakdowns, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. Forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on 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.
Contacts:
True Gold Mining Inc.
Vancouver Office
604-801-5020
info@truegoldmining.com
True Gold Mining Inc.
Investor Inquiries
Alex Holmes
604-632-4677
aholmes@truegoldmining.com
True Gold Mining Inc.
Media Inquiries
Ian Noble
604-809-8750
inoble@truegoldmining.com
www.truegoldmining.com
