Duncastle Closes Private Placements
March 26 2010 - 2:56PM
Marketwired
Duncastle Gold Corp. (TSX VENTURE: DUN)(FRANKFURT: 5D3) reported
that it has now fully closed its two previously announced and
oversubscribed non-brokered private placements (see NR-02-10 and
NR-04-10) for gross proceeds of $796,654.
Unit Private Placement
The company issued 7,110,900 units at a price of C$0.06 per unit
to raise $426,654. Each unit consisted of one common share and
one-half share purchase warrant, with each whole warrant
exercisable to purchase one additional common share at an exercise
price of C$0.10 per share for a period of one year.
Flow-Through Private Placement
The company closed the second tranche of its flow-through
private placement by issuing 4,375,000 flow-through shares at a
price of C$0.08 per share for gross proceeds of $350,000. The first
tranche closing of 250,000 flow-through shares for proceeds of
$20,000 was announced on March 22, 2010 (NR-05-10).
Securities issued pursuant to these two private placements,
including common shares, share purchase warrants and finder's
warrants issued as finder's fees, carry a legend restricting
trading of the securities until July 27, 2010. Finder's fees are
payable. Proceeds from the private placements will be used to fund
exploration on the company's British Columbia properties, including
an airborne geophysical survey and field work leading to an initial
drilling program on its Porphyry Creek project in North West
British Columbia, and for general working capital.
Early Warning - Acquisition of Securities
The company has been advised that Lawrence Page, Q.C., c/o Suite
1100 - 1199 West Hastings Street, Vancouver, BC V6E 3T5, together
with Manex Resource Group Inc., and Lawrence Page, Q.C. Law
Corporation, companies at the same address as Lawrence Page, Q.C.,
and over which Lawrence Page, Q.C. exercises control and direction
(collectively referred to as the "Shareholder"), has acquired
through the facilities of the TSX - Venture Exchange and through
Private Placement purchases common shares at prices ranging from
$0.05 to $0.09. The Shareholder now beneficially owns 4,555,084
common shares representing 9.55% of the outstanding capital of the
company. Additionally, the Shareholder holds options to purchase an
aggregate of 350,000 common shares and warrants exercisable within
60 days to purchase 1,966,184 common shares which, when added to
the holdings of the Shareholder set out above, represent a total
holding of 13.74% of the outstanding capital of the company. The
Shareholder has advised that its current intention is that all of
the shares of the company acquired were acquired for investment
purposes but the Shareholder may, from time to time, reconsider its
holdings in the company and, as circumstances dictate, may increase
or decrease its position in the company. The company is further
advised that a report relating to these matters is being filed with
the British Columbia and Alberta Commissions by the Shareholder. A
copy of the report may be obtained from the Manex Group of
Companies on behalf of the Shareholder by calling 604-684-9384.
About Duncastle Gold Corp.
Duncastle Gold Corp. is a Vancouver based gold exploration
company with mineral claims covering or surrounding past producers
in two historic BC districts. In Southeast BC Duncastle is
targeting high-grade gold-silver-lead-zinc veins at the former
Yankee-Dundee mine, 50km from the smelter at Trail BC. In Northwest
BC the company's holdings cover a 10 km long magnetic anomaly,
previous workings, and high-grade veins at its Porphyry Creek
project. Now covering more than 150 sq km, Duncastle has assembled
contiguous claim blocks in each of these two productive regions for
gold exploration.
As part of the Manex Resource Group, Duncastle benefits from
shared expertise in corporate finance, public company
administration, investor relations, and technical and geological
services provided for six public companies. Since its formation in
1997, the companies within the Manex Group have raised over C$250
million in exploration financing.
On behalf of the Board of Directors,
Victor J E Jones, President, Director, Duncastle Gold Corp.
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: Duncastle Gold Corp. Jeff Stuart 1.888.456.1112 or
604.641.2771 jstuart@mnxltd.com Duncastle Gold Corp. Liana
Shahinian 1.888.456.1112 or 604.641.2771
www.duncastlegoldcorp.com