July 24, 2009, Calgary, Alberta: Antioquia Gold Inc. (TSX-V: AGD) is pleased to announce the closing, subject to TSX Venture Exchange ("TSX-V") approvals, of the previously announced private placement pursuant to TSX-V Policy 4.1 and shares for debt settlement pursuant to TSX-V Policy 4.3.
AGD will issue 8,009,058 units under the private placement at $0.10 per unit for cash consideration of $800,905.83 where one unit is comprised of one common share and one half of one common share purchase warrant where a full warrant entitles the holder to purchase one additional common share for $0.30 per share for a period of 24 months expiring on July 25, 2011.
Pursuant to the shares for debt arrangement AGD will issue 2,573,906 units at $0.10 per unit for conversion of convertible loans plus accrued interest in the amount of $257,390.61 where one unit is comprised of one common share and one half of one common share purchase warrant where a full warrant entitles the holder to purchase one additional common share for $0.30 per share for a period of 24 months expiring on July 25, 2011; will issue 666,701 common shares to a Director at $0.10 per share for conversion of convertible loans plus accrued interest in the amount of $66,670; and will issue 714,423 common shares to two Officers at $0.10 per share for settlement of some of the debt owed to the Officers in the amount of $71,442.30.
Upon approvals AGD will issue a total of 11,964,089 shares for a total of 38,115,298 common shares outstanding, and issue 5,291,482 common share purchase warrants for 15,820,732 total warrants outstanding.
AGD is a Calgary based mineral exploration company focused on searching out precious metals and other mineral opportunities in Colombia. AGD's principal asset is its Cisneros Project, located 70 kilometers northeast of Medellin in the Department of Antioquia, Colombia.
Caution regarding forward looking information
This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AGD to be materially different from actual future results and achievements expressed or implied by such forward looking statements. . Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of AGD and its management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forward-looking statements while considering the risks involved.
For further information on Antioquia Gold Inc., visit our website at or contact
Robert James, Chief Financial Officer Antioquia Gold Inc. (403) 630-5917 email@example.com
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.