Amarillo Increases Non-Brokered Private Placement to $2.975 Million
Vancouver, B.C., - Amarillo Gold Corp. (TSX-V: AGC) (“Amarillo” or the “Company”) is pleased to announce that, in light of increased demand, it has increased the number of common shares of the Company to be sold in its non-brokered private placement financing from 3,000,000 to 4,250,000, at a price of $0.70 per share, for total proceeds of up to $2.975 million. The transaction remain subject to certain conditions, including but not limited to, the receipt of approval from the TSX Venture Exchange.
All currency references are to Canadian dollars. The proceeds will be directed towards further exploration and definition of our Brazilian gold projects, with a particular focus on continuing the drill testing at Lavras do Sul and comprehensive metallurgical testing to be carried out on the Posse deposit at Mara Rosa.
The Company is pleased at the positive response to the private placement.
A finders fee will be paid in this transaction.
This news release is not for distribution to United States newswire services or for dissemination in the United States. The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Amarillo Gold Corp. is a company focused on the acquisition, definition and discovery of gold resources in Brazil. Its principal projects are the Mara Rosa project in the state of Goiás and the Lavras do Sul project in the state of Rio Grande do Sul. The Posse Deposit at Mara Rosa was found by an independent 43-101 compliant preliminary economic assessment study carried out by CCIC to contain 643,000 ounces indicated @ 1.48 g/t Au, 538,000 ounces inferred @ 1.26 g/t Au. The Company also has a portfolio of earlier stage projects. All properties under Amarillo’s management are located in areas of good infrastructure and robust community support. Current share issue equals 42,968,133.
ON BEHALF OF THE BOARD OF DIRECTORS
AMARILLO GOLD CORP.
Buddy Doyle, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. This press release contains forward-looking statements that include our belief as to the Company’s ability to complete the private placement for $2.95 Million. Certain risks and uncertainties such as our ability to successfully complete the private placement could cause the Company’s actual results to differ materially from those in the forward-looking statements.