C2C Gold Corporation Inc.

C2C Gold Corporation Inc.

February 19, 2010 16:34 ET

C2C Announces Closing of Private Placement and Approval of Share Consolidation

QUEBEC CITY, QUEBEC, CANADA--(Marketwire - Feb. 19, 2010) - C2C Gold Corporation Inc. (the "Company")(TSX VENTURE:CCN) hereby announces the closing under escrow of its private placement previously announced in its press release dated January 19, 2010 and January 20, 2010 for total gross proceeds of $470,000 (the "Offering") until the consolidation of the Company's common shares (the "Consolidation") and the Offering are approved by the TSX Venture Exchange, as more fully described hereunder.

The Company completed a non-brokered private placement of units (the "Units"), each consisting of (i) one convertible debenture for a principal amount of $10,000 (the "Debenture"); and (ii) 400,000 common share purchase warrants (the "Warrants")

The Debentures will bear interest at a rate of 12% per annum (1% per month), both before and after maturity. Unless converted earlier, principal and accrued interest under all Debentures shall be due and payable on December 31, 2010 (the "Maturity Date").

Each Debenture will be convertible, as to principal only into common shares of the Company (the "Common Shares") at the option of the holder at any time after the effective date of the Consolidation and prior to the Maturity Date at a conversion price per Common Share equal to (i) $0.25 post-Consolidation until April 29, 2010; and (ii) any time after April 29, 2010 and prior to the Maturity Date at a conversion price per Common Share equal to $0.50 post-Consolidation (the "Conversion Price"). The conversion right shall be subject to the standard anti-dilution provisions.

Each Warrant comprised in a Unit enables the holder to purchase one Common Share of the Company at an exercise price of $0.25 per share (on a post-Consolidation basis) at any time after the effective date of the Consolidation until December 31, 2010, it being understood that upon the Consolidation, the number of Warrants will be consolidated on a 10 for one basis, resulting in the issuance of 40,000 Common Shares per Unit, at a price of $0.25, upon the exercise of all the Warrants included in one Unit.

The Company will use the proceeds (i) for general working capital ($165,000); and (ii) for the implementation of a new business strategy which entitles the subscription by the Company to a private placement conducted by Key Gold Partners LLP for an amount of $265,000.

An intermediary commission equal to 10% of the gross proceeds realized from non-related party to the Company, $40,000, will be paid in cash to Ansacha Capital Inc., acting at arm's length with the Company in connection with the Private Placement.

Some insiders of the Company subscribed for a total of 5 units representing an aggregate amount of $50,000 of the gross proceeds.

Consolidation of Common Shares

On February 11, 2010, during a special general meeting of its shareholders, the Company obtained the shareholder's approval to consolidate the issued and outstanding Common Shares of the Company on the basis of ten (10) Common Shares for one new Common Share. The Consolidation is subject to the approval of the TSX Venture Exchange Inc.

About C2C

C2C is a junior mining exploration company listed on the TSX Venture Exchange with concentration in the gold industry.

Forward looking Statement:

This document contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking 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.

Shares outstanding: 103 404 344

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