TORONTO, ONTARIO--(Marketwire - May 3, 2012) - Further to its press releases dated March 29, 2012, March 30, 2012, April 10, 2012 and April 12, 2012, Brigadier Gold Limited (TSX VENTURE:BRG) (FRANKFURT:B7LN) is pleased to announce that it has closed an $822,500 private placement financing (the "Private Placement"), the proceeds of which will be used for general corporate purposes and as described below. The private placement consisted of the issuance of units (each, a "Unit" and collectively, the "Units") at a price of $0.05 per Unit, with each Unit consisting of one common share, and one common share purchase warrant, each warrant entitling the holder to purchase one common share over a two-year period at a price of $0.10 per common share.
In connection with the Private Placement, Brigadier has paid to finders (i) cash fees of 8% on that portion of the funds raised by the respective finder, (ii) warrants to purchase common shares equal to 8% of the number of Units sold by Brigadier through the respective finder's introduction(s) at $0.10 for a period of 12 months following closing.
In addition to the Private Placement, Brigadier is pleased to report that it has completed the acquisition of all of the issued and outstanding shares of Mozambique Gold Corp., in exchange for the payment of $2.00 to the vendor of MGC. In addition, Brigadier has agreed to cause MGC to repay a shareholder loan in the amount of $325,000, which monies were raised through the Private Placement. MGC owns proprietary due diligence information, research material and reports on several gold exploration projects in Mozambique.
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 news release.