October 31, 2012 Antioquia Gold Inc. Closes First Tranche of Private Placement
October 31, 2012, Calgary, Alberta: Antioquia Gold Inc. ("Antioquia Gold" or "the Company") (TSX-V: AGD; OTCQX: AGDXF) is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement for aggregate gross proceeds of $1,329,046 (the "Placement") via the issuance of 11,075,383 units (each a "Unit") at a price of $0.12 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant exercisable at $0.25 for a period of six months from the date of issuance.
Desafio Minero S.A.C. ("Desafio"), a current insider and "control person" of the Company, subscribed for all of the Units under the Placement, bringing its total ownership in the Company to 48.9% (on a non-diluted basis).
The proceeds from the Placement will be used for the exploration program at the Company's Cisneros project in Colombia.
All securities issued in connection with the Placement are subject to a four-month hold period that expires on March 3, 2013. Completion of the Placement is subject to TSX Venture Exchange final approval.
About Antioquia Gold Inc. Antioquia Gold has been exploring for precious metals in Colombia since 2007 where its current holdings are close to 40,000 hectares located throughout Colombia. Antioquia's principal asset, which is being actively explored, is its 5,630 hectare Cisneros Project, located 55 km northeast of Medellin in the Department of Antioquia, Colombia. Extensive geochemical and geophysical programs over the entire Cisneros property have identified six exploration targets to date. On the original discovery zone, the Company 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.
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.
Statements in this press release may contain forward-looking information including, statements regarding the expected use of proceeds from the Offering. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Antioquia Gold. The reader is cautioned not to place undue reliance on any forward-looking information. There can be no assurance that the proposed exploration programs in Colombia or other project acquisitions will be completed or, if completed, will be successful.
The forward-looking statements contained in this press release are made as of the date of this press release, and Antioquia Gold does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.