November 14, 2012, Calgary, Alberta: Antioquia Gold Inc. ("Antioquia Gold" or "the Company") (TSX-V: AGD; OTCQX: AGDXF) announces that it intends to complete the previously announced private placement financing (the "Offering") on or before December 13, 2012. The terms of the financing remain as stated in the October 16, 2012 news release, reproduced below.
The Offering will raise aggregate gross proceeds of up to $3,000,000 via the issuance of units (the "Units") at $0.12 per Unit (the "Offering"). Each Unit will be comprised of one common share in the share capital of the Company ("Common Shares") and one-half of one common share purchase warrant of the Company ("Warrants"). Each whole Warrant will entitle the holder thereof to purchase one additional Common Share at a price of $0.25 per share for a period of six (6) months from the date of issuance. The Company may pay a finder's fee in connection with this transaction. The cash proceeds will be added to working capital and thereby used to fund the 2012 fourth quarter exploration program at Cisneros. Completion of the Offering is subject to approval from the TSX Venture Exchange.
The Company closed the first tranche of the Offering on October 30, 2012, and issued 11,075,383 units at $0.12 to Desafio Minero S.A.C, a current insider and "control person" of the Company for gross proceeds of $1,329,046.
About Antioquia Gold Inc. Antioquia Gold has been exploring for precious metals in Colombia since 2007 where its current holdings are close to 40,000 hectares located throughout Colombia. Antioquia's principal asset, which is being actively explored, is its 5,630 hectare Cisneros Project, located 55 km northeast of Medellin in the Department of Antioquia, Colombia. Extensive geochemical and geophysical programs over the entire Cisneros property have identified eleven exploration targets to date. On the original discovery zone, the Company has drilled over 40,000 metres and is well versed in the understanding of the deposit type and the project's path to resource definition and production.
On behalf of Antioquia Gold Inc.
Richard Thibault, President & CEO For further information on Antioquia Gold Inc., visit our website at www.antioquiagoldinc.com or contact:
Antioquia Gold Inc., JoAnne Dorval-Dronyk 403-457-4653 firstname.lastname@example.org
CHF Investor Relations Juliet Heading 416-868-1079 x239 email@example.com
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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.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements, including statements concerning the anticipated closing of the Offering and the anticipated use of proceeds. We believe the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon. Closing could be delayed if the Company cannot obtain necessary regulatory approvals within anticipated timelines and will not be completed unless certain conditions customary for transactions of this kind are satisfied. The forward-looking statements included in this press release are made as of the date of this press release and the Company 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 expressly required by applicable securities legislation.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.