Falcon Closes 7,680,000 Unit Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 28, 2014) - Falcon Gold Corp. (TSX VENTURE:FG), ("Falcon" or the "Company") announces that it has closed a first tranche of its previously announced non-brokered private placement, for 7,680,000 Units priced at $0.05 for total gross proceeds of $384,000. Each Unit consists of one common share and one 2 year warrant. Each warrant will be exercisable for one common share at $0.10 during the first year or $0.12 during the second year. The units are subject to a four month hold period expiring on November 24, 2014. Finders' fees have been paid and consist of: $16,800, 70,000 Agents' warrants exercisable for common shares and 60,000 Agent's options exercisable for common share units on the same basis as the subscribers.
Proceeds from this financing will be used to complete its due diligence on the New York Canyon copper project (NR-June 09, 2014), continued exploration activities on its Washington silver project, and general corporate purposes. The Company anticipates the final closing for the offering to occur on or about August 12, 2014.
About Falcon Gold Corp.
Falcon Gold Corp. is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon holds a 100% interest in the Washington Silver project that includes the past producing Silver Bell Mine, and is located in the Republic Mining District, northeastern Washington, USA. Falcon's 2012 drill results demonstrate the high grade potential of this silver and gold project with an intersection of 167 grams per tonne (g/t) Ag over 36.5 m including a high grade intercept of 511.57 g/t Ag and 0.83 g/t Au over 9.14 m.
Falcon's Burton Gold Property is located in the Swayze Greenstone Belt, Northeastern Ontario, and is approximately 38 kms northwest of IAMGold Corp.'s Côté Gold Deposit. Drilling completed by Falcon during 2011 included 3.74 g/t Au over an intersection length of 9.96 m (including 10.98 g/t Au over 2.17 m) and 3.25 g/t Au over an intersection length of 10.35 m (including 5.65 g/t Au over 2.85 m). IAMGold Corp. has earned a 51% interest in the Burton Property pursuant to an Option agreement with Falcon.
On Behalf of the Board of Directors
David Tafel, Director
This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefor, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such 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.
