VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 21, 2014) - Falcon Gold Corp. (TSX VENTURE:FG) ("Falcon" or the "Company") announces that it has closed a second tranche of its previously announced non-brokered private placement, for 4,618,889 Units (2,320,000 priced at $0.05/Unit, and 2,298,889 priced at $0.09/unit) for total gross proceeds of $322,900. Each Unit consists of one common share and one 2 year warrant. Each warrant of the $0.05 Unit will be exercisable for one common share at $0.10 during the first year or $0.12 during the second year. Each warrant of the $0.09 Unit will be exercisable for one common share at $0.13 for 2 years. The units are subject to a four month hold period expiring on December 19, 2014. Finders' fees have been paid consisting of: $19,732, and 20,000 Agent's options exercisable for common share units on the same basis as the subscribers.
The second tranche of the financing was oversubscribed by $206,900, resulting in the Company raising total gross proceeds of $706,900 from the private placement. Proceeds from this financing are being used to complete its due diligence, as well as to plan and commence an initial exploration program on the New York Canyon copper project in Nevada (NR-June 09, 2014), to continue exploration activities on its Washington silver project, and for general corporate purposes.
Options Grant
Falcon announces that in compliance with the Company's Stock Option plan, the Board of Directors has granted 1,600,000 options exercisable for 5 years at $0.15 to certain directors, officers and consultants of the Company.
About Falcon Gold Corp.
Falcon Gold Corp. is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon holds a 100% interest in the Washington Silver project located in the Republic Mining District, northeastern Washington, USA. Falcon's 2012 drill results demonstrate the high grade potential of this silver project with an intersection of 167 grams per tonne (g/t) Ag over 36.5 m including a high grade intercept of 511.57 g/t Ag and 0.83 g/t Au over 9.14 m.
Falcon's Burton Gold Property is located in the Swayze Greenstone Belt, Northeastern Ontario, and is approximately 38 kms northwest of IAMGOLD Corporation's Cote Gold Deposit. Drilling completed by Falcon during 2011 included 3.74 g/t Au over an intersection length of 9.96 m (including 10.98 g/t Au over 2.17 m) and 3.25 g/t Au over an intersection length of 10.35 m (including 5.65 g/t Au over 2.85 m). IAMGOLD Corporation has earned a 51% interest in the Burton Property pursuant to an Option agreement with Falcon.
On Behalf of the Board of Directors
FALCON GOLD CORP.
David Tafel, Director
This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. 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. |