Canadian Gold Resources closes CDN$100,000 private placement

Canadian Gold Resources Ltd. (TSXV: CAN) has closed a non-brokered private placement, issuing 1,481,482 common shares at CDN$0.0675 per share for gross proceeds of CDN$100,000.04, according to a press release from the Dieppe, New Brunswick-based company.

The shares were sold to two directors of the company, making the transaction a "related party transaction" under Multilateral Instrument 61-101. The company said the transaction qualifies for an exemption from formal valuation and minority shareholder approval requirements because the fair market value of the securities does not exceed 25% of the company's market capitalization.

The proceeds are intended for general working capital purposes. All securities issued are subject to a statutory hold period of four months and one day from the date of issuance. The placement remains subject to final acceptance by the TSX Venture Exchange.

Canadian Gold currently has 59,550,358 common shares outstanding and holds three gold properties totaling approximately 18,000 hectares in Quebec's Gaspé Peninsula.

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