Antioquia Gold Announces Completion Of Private Placement
November 9, 2009, Calgary, Alberta: Antioquia Gold Inc. (TSX-V: AGD) is pleased to announce the completion of a private placement on October 27, 2009 as approved by the TSX Venture Exchange ("TSX-V") pursuant to TSX-V Policy 4.1 (Private Placements). AGD issued 7,142,000 units at a price of $0.25 per unit for total gross proceeds of $1,785,500, the price having been reserved with the TSX-V on September 23, 2009. Each unit is comprised of one AGD common share and a half warrant. Each full warrant will entitle the holder to purchase one AGD common share at a price of $0.40 per share exercisable for 18 months from the date of close. An aggregate of 700,200 broker warrants were issued among Union Securities Ltd., Allied Capital Corporation, IBK Capital Corp., Jennings Capital Inc., MGI Securities, and Raymond James Ltd. Each broker warrant entitles the holder to purchase one AGD common share at a price of $0.40 per share exercisable for 18 months from the date of close. An aggregate of $140,040 cash commissions was paid to Union Securities Ltd., Allied Capital Corporation, IBK Capital Corp., Jennings Capital Inc., MGI Securities, Kingsdale Capital Markets Inc, and Raymond James Ltd..
On October 26, 2009 AGD issued 130,000 common shares for proceeds of $39,000 upon the exercise of warrants, and issued 103,780 common shares and 51,890 common share purchase warrants upon the exercise of Agent's Compensation Options for gross proceeds of $20,756, where each warrant entitles the holder to purchase a common share at a price of $0.30 per share until January 30, 2010. Upon completion of this private placement AGD has 50,489,432 common shares issued and outstanding. The cash proceeds will be added to working capital and thereby used to reduce accounts payable, continue exploration activities and fund the drilling programs in Colombia.
AGD is a Calgary based mineral exploration company focused on searching out precious metals and other mineral opportunities in Colombia. AGD's principal asset is its Cisneros Project, located 70 kilometers northeast of Medellin in the Department of Antioquia, Colombia.
Caution regarding forward looking information
This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AGD to be materially different from actual future results and achievements expressed or implied by such forward looking statements. . Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of AGD and its management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forward- looking statements while considering the risks involved.
Rick Thibault, President
Antioquia Gold Inc.484-319-7807
Robert James, Chief Financial Officer
Antioquia Gold Inc.403-630-5917
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.