VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18, 2013) - Astur Gold Corp. (TSX VENTURE:AST)(FRANKFURT:CDC) ("Astur Gold" or the "Company") is pleased to announce the closing of the non-brokered private placement announced on February 25, 2013. The Company issued 2,275,072 units at $0.70 for gross proceeds of $1,592,550.40, which is an increase from the original $1,000,000 announced on February 25, 2013.
Each Unit is comprised of one common share and a half (1/2) share purchase warrant. Each whole warrant entitles the holder thereof to acquire one additional common share at a price of $0.90 per share with an expiry date of two years of the day of issuance. All securities issued pursuant to the private placement are subject to a hold period of four months and one day after the date of issuance. The Company paid a cash finder's fee of $95,553.02 in connection with the private placement to certain parties who were instrumental in introducing investors to the Company.
The proceeds of the private placement will be used to fund exploration and development work on the Company's Salave gold project, and for general working capital purposes.
ABOUT ASTUR GOLD
Astur Gold is developing its 100% owned Salave Gold Project in Asturias, northern Spain, which is one of the largest undeveloped gold deposits in Western Europe. The Company recently received approval for an underground mine from the Commission for Environmental Affairs of the Principality of Asturias in November 2012 and is completing additional requirements for the processing plant and tailings licenses with expected completion in H1 2013. The Company is working to build a partnership with the people of Asturias to generate sustainable economic benefits for the region while balancing the needs of environmental protection and social community development.
ON BEHALF OF THE BOARD
Cary Pinkowski, Chief Executive Officer, President and Director
Mineral resources that are not mineral reserves do not have demonstrated economic viability. 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.