Cosigo Resources (CSG-V) closes $1.11-million private placement, oversubscribed
www.cosigo.com
June 18, 2013 - News Release
Cosigo Resources Ltd. has closed a non-brokered private placement of 4,455,100 units at a price of 25 cents per unit for total gross proceeds of $1,113,775.
"Investors have oversubscribed to this non-brokered private placement. Colombian and Brazilian investors have contributed more than one-quarter of the total. All investors in this private placement are familiar with our project areas in the Taraira gold belt, and we are pleased by their show of confidence," said Dennis Milburn, president and chief executive officer of Cosigo.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire for a period of one year one additional common share of the company at a price of 50 cents.
The net proceeds of the private placement will be used by the company for the reverse-circulation drilling program and continuing exploration on its Machado project in Colombia, and for general corporate purposes. No finder's fees were paid for this private placement. All securities issued in the private placement will be subject to a four-month hold period expiring Oct. 17, 2013.
Machado drill program
Reverse-circulation drilling has begun in the Cerro Rojo area of the Machado project. The drill holes are being sampled in five-foot intervals, which produce samples weighing approximately 20 kilograms apiece. The entire sample will be moved off site for drying, processing and preparation for assay. Assaying will be carried out at ALS Laboratories in North Vancouver. Assays are expected to be available after the drilling program has been completed.
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