Angel Gold (ANG-V) Increase of PP and El Cafetal drill prgram.
www.angelgoldcorp.com
52.8 million o/s
Insiders own 14%
$1 million cash (as of Sept 30, 2012)
Key people
Ms. Blanca Stella Frias – CEO, President and Director
Ms. Frias is native to Colombia, and has worked on the ground in the Latin American mining scene for more than 20 years. Ms. Frias recently held the position of Administration and Community Relations Manager for Ventana Gold Corporation ( VEN.T ) She was a key member of the management team which developed Ventana from an exploration company to a company having successfully defined a world class gold deposit at La Bodega, Colombia. The result was a $ 1.4 billion dollar market buyout by AUX Canada Acquisition Inc., for Ventana’s gold assets in Colombia.
Jon Lehmann – Director
Mr. Lehmann Is a professional geologist who has been involved in gold exploration in Colombia for over 18 years. He was one of the founders and VP Exploration for Ventana Gold Corp., managing the successful discovery and delineation of La Bodega in Colombia. Ventana was acquired by AUX Canada Acquisition Inc. for a $1.4B cash buyout. Mr. Lehmann has over 30 years of mineral exploration experience, is a Licensed Professional Geologist in the State of Washington and a member in good standing of the Canadian Institute of Mining and Metallurgy.
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Angel Gold increases placement to $2-million from $1 million
Jan 22, 2013 - News Release
Angel Gold Corp. has agreed to increase the previously announced non-brokered private placement of 10 million units at 10 cents per unit up to 20 million units at 10 cents per unit for gross proceeds of $2-million. Each unit comprises one common share of the company and a one-half share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one additional common share of the company at a price of 15 cents per share for a period of two years from the date of closing of the non-brokered private placement.
The units issued with respect to the offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws. A portion of the private placement may be subject to a finder's fee that will be payable at 6 per cent in cash or units with respect to certain private placement subscribers and in accordance with the policies of the TSX Venture Exchange. The finder's fee units are subject to the same terms as the private placement units above.
Proceeds from the private placement will be used to commence a drilling program on Angel's El Cafetal property in Colombia and for general working capital.
El Cafetal drill program
In the report, Mr. Pelke presents the compiled data from sampling of the underground mine workings on the property, the mobile-metal-ion (MMI) soil sampling program and the geophysical program, composed of induced polarity and resistivity surveys and a magnetic field survey. He concludes that the exploration conducted to date indicates that the property merits a serious drilling program and proposes a budget of $751,550 (U.S.) for an initial phase of 2,000 metres of drilling and, if results warrant, a second phase of drilling of 3,800 metres, budgeted at $1,348,950 (U.S.), for a total of $2,100,500, for the 2013 drilling program.
The non-brokered private placement is subject to the approval of the TSX Venture Exchange.
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