July 31, 2008 15:51 ET

VenCan Announces Amendment to Proposed Brokered and Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - July 31, 2008) - VenCan Gold Corporation (TSX VENTURE:VCG) announces an amendment to the proposed brokered and non-brokered private placement financing, as described in the July 24th press release. The financing will consist of the sale of up to 13,000,000 units at a price of $0.05 per unit to be sold on a flow-through basis for gross proceeds of up to $650,000.

Each flow-through unit will consist of one common share issued on a flow-through basis and one-half of a non-flow-through share purchase warrant with a term of 18 months exercisable at $0.12 per share.

All securities issued in conjunction with the offering are subject to a hold period, which expires four months after closing.

Proceeds of the financing will be used for exploration, property acquisition and general working capital.

VenCan Gold Corporation's current exploration focus is Ontario where it has three properties - Abitibi West, Moffatt and Mt. Logano. VenCan Gold maintains its website with corporate information, reports and images of its exploration projects.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

SEDAR: 00004007E

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • VenCan Gold
    Brent Nykoliation
    Director of Business Development
    (416) 364-7024
    (416) 364-2753 (FAX)

    VenCan Gold
    Richard Schler
    Vice President & CFO
    (416) 364-7024
    (416) 364-2753 (FAX)