Duncastle Closes Tranche of Private Placements
June 30 2011 - 2:59PM
Marketwired
Duncastle Gold Corp. ("Duncastle") (TSX VENTURE: DUN)(FRANKFURT:
5D3) is pleased to announce that it has closed a tranche of its
previously announced non-brokered private placements for gross
proceeds of $412,500.
Unit Private Placement
Duncastle closed the first tranche of its unit private placement
by issuing 4,290,000 units ("Units") at a price of $0.05 per Unit
to raise $214,500. Each Unit consists of one common share and one
share purchase warrant, with each share purchase warrant
exercisable to purchase one additional common share at an exercise
price of $0.10 per share for a period of two years.
Flow-Through Private Placement
Duncastle closed the second tranche of its flow-through private
placement by issuing 3,300,000 flow-through units ("Flow-Through
Units") at a price of $0.06 per Flow-Through Unit to raise
$198,000. Each Flow-Through Unit consists of one flow-through
common share and one-half share purchase warrant, with each whole
share purchase warrant exercisable to purchase one non-flow-through
common share at an exercise price of $0.10 per share for a period
of two years. Together with the first tranche closing on June 8,
2011, Duncastle has raised an aggregate $798,000 in this
flow-through private placement.
Securities issued pursuant to this tranche of the 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 October 30, 2011. The
private placements and finder's fees are subject to regulatory
approval.
Proceeds from the private placements will be used to fund
upcoming exploration work at the Porphyry Creek project in
Northwest British Columbia including reconnaissance geological,
ground geophysics, and potential drill programs, as well as for
general working capital.
On behalf of the Board of Directors,
Michael Rowley, 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. Michael Rowley 1.888.456.1112 or
604.641.2742 mrowley@mnxltd.com Duncastle Gold Corp. Liana
Shahinian 1.888.456.1112 or 604.641.2773 liana@mnxltd.com
duncastlegoldcorp.com