Bison Gold Exploration Inc.
CNQ : BGEI

Bison Gold Exploration Inc.

August 14, 2007 09:40 ET

Bison Gold Exploration Inc. Announces a Management Change, a $250,000 Financing and the Grant of Stock Options

TORONTO, ONTARIO--(Marketwire - Aug. 14, 2007) - Bison Gold Exploration Inc. (CNQ:BGEI) ("Bison" or the "Company") is pleased to announce that effective today Lucas Ewart has been named the Chief Executive Officer. The previous C.E.O., Chris Watkiss has resigned and will remain with the Company as a member of the Board of Directors as well as a consultant. Chris Carmichael, a current Director of Bison, has been named Chief Financial Officer and Secretary. W. Dale Dunlop has been named Chairman of Bison and has resigned as the Secretary-Treasurer of Bison.

The Company has also completed a $250,000 secured convertible loan financing (the "Loan") with GC-Global Capital Corp. The Loan bears interest of 12% per annum and a 2% structuring fee was paid to GC-Global Capital Corp. The Loan is convertible into units at a price of $0.10 per unit. Each unit consists of one common share and one half of one common share purchase warrant. Each full warrant will entitle the holder thereof to purchase an additional common share of the Company at $0.15 per share for a period of two years. The proceeds of the Loan will be used for general working capital purposes. The Loan is secured by a general security agreement on all present and future movable property of Bison. GC-Global Capital Corp. currently owns 12.4% of the outstanding common shares of the Company.

Bison also announces that under the Company's Stock Option Plan, it granted on August 14, 2007 to two Officers, one Director and a consultant of the Company incentive stock options to purchase an aggregate of 725,000 common shares of the Company at an exercise price of $0.12 per share expiring August 14, 2012. These incentive stock options are subject to acceptance by the CNQ. The number of shares reserved for issuance under the Plan is 2,046,250 of which 2,035,000 have been granted under the plan. The 1,310,000 stock options previously issued have an exercise price of $0.50 and expire on December 23, 2010.

Bison Gold Exploration Inc. is a Canadian public company listed on the CNQ. Bison is focused on Gold Exploration with Property Assets in Canada and Nevada. Further details can be found on Bison's website at www.bisongold.com

This news release contains forward-looking statements regarding the timing and content of upcoming programs and may be subject to regulatory approval. Actual results may differ materially from those currently anticipated in such statements.

THE CNQ HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Contact Information

  • Bison Gold Exploration Inc.
    Lucas Ewart
    CEO
    (416) 488-7760
    or
    Bison Gold Exploration Inc.
    Chris Carmichael
    CFO and Director
    (416) 488-7760
    Website: www.bisongold.com