Excel Gold Mining Inc.

Excel Gold Mining Inc.

August 20, 2009 10:34 ET

Excel Gold Mining Inc. Announces New Pricing of Financing With the MineralFields Group


On August 6th, 2009, Excel Gold Mining Inc. ("Excel") (TSX VENTURE:EGM) disseminated a press release announcing a non-brokered private placement of $800,000.00 through the sale of 8,421,052 flow-through units ("FT Units") at $0.095 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.

Due to market conditions, Excel and the MineralFields Group have re-priced the FT Units at $0.08 each, for an aggregate total of 10,000,000 FT Units.

Consequently, each of Limited Market Dealer Inc. and Industrial Alliance Securities Inc. shall now receive 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.

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