Bison Gold Resources Inc.
TSX VENTURE : BGE

Bison Gold Resources Inc.

June 20, 2011 12:00 ET

Bison Gold Resources Inc. Closes Second and Final Tranche of Flow-Through and Non-Flow-Through Private Placement Financing and Provides Exploration Update on Central Manitoba Property

TORONTO, ONTARIO--(Marketwire - June 20, 2011) - Bison Gold Resources Inc. ("Bison Gold" or the "Company") (TSX VENTURE:BGE) today announced that it has closed the second and final tranche of its non-brokered private placement originally announced on April 8, 2011 for aggregate gross proceeds of $2,145,919.55. Bison Gold issued 3,502,400 common shares issued on a flow-through basis under the Income Tax Act (Canada), as amended, (the "Flow-Through Shares") at a price of $0.45 per share for gross proceeds of $1,576,080, and issued 1,628,113 units (the "Units") at a price of $0.35 per Unit for gross proceeds of $569,839.95. On closing the second tranche, the Company issued 485,713 Units for gross proceeds of $169,999.95.

Each Unit consists of one common share and one half of one common share purchase warrant (each whole warrant a "Warrant"). Each Warrant entitles the holder to purchase one common share at a price of $0.50, and has an expiry period of two years. The Warrants may be subject to accelerated expiry in certain circumstances.

All common shares and Warrants comprising part of the Units issued will be subject to a four-month and one day hold period from the date of closing. The gross proceeds of the Flow-Through Share financing and the net proceeds of the Unit financing will be used exclusively to fund the Company's ongoing exploration programs in the province of Manitoba.

In connection with the first tranche of the non-brokered private placement, the Company paid finder's fees consisting of $91,708.50.

The private placement offerings are subject to the final approval of the TSX Venture Exchange.

Exploration Update

Bison has mobilized field crew to the Central Manitoba Property. Surface exploration for the summer on the Central Manitoba Property will focus on the Eldorado Zone, where a grab sample from the 2010 surface program returned results of 162.6 g/t Au; follow-up on previously unidentified gold-bearing structures identified from the current diamond drilling program in the "hangingwall" of the Ogama deposit and follow-up on a near surface, two-line, multi-station soil MMI gold anomaly between the historic Ogama and Rockland Deposits.

Bison is currently drilling the fourth hole of a four-hole fence that stepped out 50 metres east and along strike of the diamond drill holes OG-11-08 and OG-11-09. Results from the first three holes of this fence are expected within the next few weeks.

About Bison Gold

Bison Gold is a Canadian public company listed on the TSX Venture Exchange. Bison Gold is focused on gold, base metal and rare element exploration with property assets in Manitoba, Canada. Bison Gold's land holdings have historically produced in excess of 200,000 ounces of gold. Further details can be found on Bison Gold's website at www.bisongold.com.

We seek safe harbour.

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.

Neither the 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

  • Bison Gold Resources Inc.
    Mr. Lucas Ewart
    President & CEO
    (416) 488-2590
    www.bisongold.com