Bison Gold arranges $450,000 placement, $350,000 loan

2010-09-09 07:49 MT - News Release

Mr. Lucas Ewart reports

BISON GOLD RESOURCES INC. ARRANGES $450,000 PRIVATE PLACEMENT AND $350,000 CONVERTIBLE DEBENTURE FINANCING

Bison Gold Resources Inc. has arranged a non-brokered private placement financing of 2.5 million units at 18 per unit for gross proceeds of $450,000. Each unit consists of one common share and one-half of one common share purchase warrant. Each full warrant entitles the holder to purchase one common share at a price of 25 cents and has an expiry period of two years. All common shares issued will be subject to a four-month hold period. Proceeds of the private placement financing will be used for general working capital purposes.

The company has also arranged a $350,000 secured convertible loan financing with GC-Global Capital Corp. The loan has a term of one year, bears interest of 12 per cent per annum and is convertible into units at a price of 20 cents 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 25 cents per share for a period of two years from the closing date. 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 Gold.