October 16, 2012 Antioquia Gold Reprices Private Placement October 16, 2012, Calgary, Alberta: Antioquia Gold Inc. ("Antioquia Gold") (TSX-V: AGD; OTCQX: AGDXF) announces that due to the current market condition, it has repriced the original financing announced on September 17, 2012 from a price of $0.17 to $0.12 per unit.
The non-brokered private placement will raise aggregate gross proceeds of up to $3,000,000 via the issuance of units (the "Units") at $0.12 per Unit (the "Offering"). Each Unit will be comprised of one common share in the share capital of the Company ("Common Shares") and one-half of one common share purchase warrant of the Company ("Warrants"). Each whole Warrant will entitle the holder thereof to purchase one additional Common Share at a price of $0.25 per share for a period of six (6) months from the date of issuance. The Company may pay a finder's fee in connection with this transaction. The cash proceeds will be added to working capital and thereby used to fund the 2012 fourth quarter drilling program at Cisneros. Completion of the Offering is subject to approval from the TSX Venture Exchange.
About Antioquia Gold Inc. Antioquia Gold has been exploring for precious metals in Colombia since 2007 and has accumulated a land package of close to 40,000 hectares located throughout Colombia. Antioquia Gold's principal asset, which is being actively explored, is its 5,630 hectare Cisneros Project, located 55 kilometres northeast of Medellin in the Department of Antioquia, Colombia. At the Cisneros Project the Company has conducted extensive geochemical and geophysical programs over the entire property and has identified to date 11 exploration zones. On the original discovery zone it has drilled over 40,000 metres and is well versed in the understanding of the deposit type and the project's path to resource definition and production.
On behalf of Antioquia Gold Inc.
Richard Thibault, President & CEO
For further information on Antioquia Gold Inc., visit our website at www.antioquiagoldinc.com or contact:
Neither the 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.