Excel Gold Mining Inc.
TSX VENTURE : EGM

Excel Gold Mining Inc.

August 25, 2009 11:09 ET

Excel Gold Mining Inc. Announces the Closing of a Private Placement With the MineralFields Group

MONTREAL, QUEBEC--(Marketwire - Aug. 25, 2009) - Excel Gold Mining Inc. ("Excel") (TSX VENTURE:EGM) is pleased to announce the closing of a non-brokered private placement of $800,000.00 through the sale of 10,000,000 flow-through units ("FT Units") at $0.08 each to the MineralFields Group, each FT Unit being comprised of one (1) common share, to be issued as a "flow-through share", and one (1) non-flow-through common share purchase warrant, exercisable at a price of $0.135 per share no later than eighteen (18) months following the date of issuance (the "Offering").

In connection with the Offering, each of Limited Market Dealer Inc. and Industrial Alliance Securities Inc. has received a finder's fee in the amount of 500,000 options to purchase units (the "Compensation Units"), each Compensation Unit exercisable at a price of $0.08 no later than eighteen (18) months following the date of issuance and each Compensation Unit comprised of one (1) non-flow-through common share and one (1) non-flow-through common share purchase warrant, exercisable at a price of $0.135 per share no later than eighteen (18) months following the date of issuance, as well as respective cash fees equal to 7.5% and 2.5% of the subscription proceeds.

All the securities issued pursuant to the Offering are subject to a four (4) month hold period from the date of issuance. The TSX Venture Exchange Inc. has conditionally accepted the Offering, subject to the filing of final closing documentation.

The proceeds of the Offering will be used to fund Excel's exploration project in the Montauban Mining Camp, in the Province of Quebec.

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

For more information about Excel, please visit the company's corporate web site at: www.excelgoldmining.com

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."

Contact Information

  • Excel Gold Mining Inc.
    Patrick Lessard
    President
    514-951-7776