SnipGold Closes Private Placement
VANCOUVER, July 9, 2015 - SnipGold Corp. (TSX VENTURE:SGG) ("SnipGold" or the "Company") is pleased to announce that it has closed the second and final tranche of the financing announced on May 12, 2015 (the "Financing"). A total of 5,900,000 Non Flow-Through ("NFT") units were issued for gross proceeds of $295,000. The Financing remains subject to final acceptance by the TSX Venture Exchange.Each NFT unit was priced at $0.05 and consisted of one NFT common share and one non-transferable warrant of the Company. Each warrant entitles the holder to purchase one NFT common share of the Company at $0.05 per share for a period of 24 months from closing.
Insider participation in the Financing consisted of 2,850,000 units representing 48.31%.
In connection with the Financing, the Company paid certain finders a 7% cash commission totaling $350.
All securities issued in connection with the Financing are subject to a four month hold period in accordance with applicable Canadian securities laws.
The proceeds will be used for general corporate purposes, as well as, field activities which will include advancing the McFadden target to drill ready status.
McFadden is the site where numerous high grade gold-bearing boulders have been located at the toe of a receding glacier and have assayed in the hundreds of grams per tonne in gold. The Company website, www.SnipGoldCorp.com, details assay results as well as the historical work completed at McFadden. The 2015 field program is expected to commence in late July.
About SnipGold
SnipGold Corp. is a Canadian company focused on the exploration and expansion of gold resources in northwest British Columbia. SnipGold's board and management have significant experience in discovery, exploration and development of gold projects.
On Behalf of the Board of Directors, SnipGold Corp.
John Zbeetnoff
Chief Executive Office
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
Contact
SnipGold Corp.
John Zbeetnoff, CEO
604-681-3989
604-681-3557
info@snipgoldcorp.com
www.snipgoldcorp.com