Continental Gold Announces $75 Million Bought Deal
November 12 2012 - 4:29PM
Marketwired
Continental Gold Limited (TSX:CNL)(OTCQX:CGOOF) ("Continental" or
the "Company"), is pleased to announce that it has entered into an
agreement with a syndicate of underwriters to purchase 7,860,000
common shares of the Company (the "Common Shares") at a price of
$9.55 per Common Share for gross proceeds of $75,063,000 on a
bought deal basis (the "Offering").
The Company has also granted the underwriters an over-allotment
option to increase the size of the Offering by up to an additional
15%, such option being exercisable in whole or in part at any time
prior to 30 days after the closing of the Offering.
The net proceeds from the Offering will be used for exploration
and development expenditures and for general corporate
purposes.
Closing of the Offering is anticipated to occur on or about
December 4, 2012 (the "Closing Date") and is subject to the receipt
of applicable regulatory approvals including approval of the
Toronto Stock Exchange.
The Common Shares will be offered in all provinces of Canada
(except Quebec) by way of a short form prospectus.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein in
the United States. The securities described herein have not been
and will not be registered under the United States Securities Act
of 1933, as amended, and may not be offered or sold in the United
States absent an exemption from the registration requirements of
such Act.
About Continental Gold
Continental Gold Limited is an advanced-stage exploration and
development company with an extensive portfolio of 100%-owned gold
projects in Colombia. Spearheaded by a team with over 40 years of
exploration and mining experience in Colombia, the Company is
focused on advancing its high-grade Buritica gold project to
production.
Additional details on the Buritica project and the rest of
Continental's suite of gold exploration properties are available at
www.continentalgold.com.
Forward-Looking Statements
This press release contains or refers to forward-looking
information under Canadian securities legislation, including
statements regarding the estimation of mineral resources,
exploration results, potential mineralization, exploration and mine
development plans, timing of the commencement of operations and is
based on current expectations that involve a number of business
risks and uncertainties. Forward-looking statements are subject to
significant risks and uncertainties, and other factors that could
cause actual results to differ materially from expected results.
Readers should not place undue reliance on forward-looking
statements. Factors that could cause actual results to differ
materially from any forward-looking statement include, but are not
limited to, failure to convert estimated mineral resources to
reserves, capital and operating costs varying significantly from
estimates, the preliminary nature of metallurgical test results,
delays in obtaining or failures to obtain required governmental,
environmental or other project approvals, political risks,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects and the other risks involved in the mineral
exploration and development industry forward-looking statements are
subject to significant risks and uncertainties, and other factors
that could cause actual results to differ materially from expected
results. Readers should not place undue reliance on forward-looking
statements. These forward-looking statements are made as of the
date hereof and the Company assumes no responsibility to update
them or revise them to reflect new events or circumstances other
than as required by law.
Contacts: Continental Gold Limited Nisha Hasan Director,
Investor Relations +1.416.583.5611info@continentalgold.com
www.continentalgold.com
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