Syngold completes sale of shares

Syngold Exploration has completed the sale of 1.1 million common shares at a price of 80 cents per share and of $2.5 million of deposit receipts.

Purchasers of the deposit receipts will earn one common share of Syngold for each $1.20 of the subscription funds for the deposit receipts expended on Canadian Exploration Expense.

The proceeds of the issue of deposit receipts will primarily be used to carry out exploration work on the company’s Owl Creek West property near Timmins, Ont.; its Deka property in the Noranda, Que. camp; its Valdora property near Val d’Or, Que.; and its Trudelle property northeast of La Sarre, Que.

It is also anticipated that the sale of an additional 100,000 common shares and of an additional $500,000 of deposit receipts will take place on or before Aug 28.

Royal Oak Securities Corp and Brault, Guy, O’Brien acted as Syngold’s agents regarding the sale of the above securities.