Intigold Mines closes $1.2-million financing

2011-04-29 00:37 ET - News Release

Ms. Lori McClenahan reports

NON-BROKERED PRIVATE PLACEMENT CLOSES RAISING GROSS PROCEEDS OF $1,200,160

Intigold Mines Ltd. has closed a non-brokered private placement previously announced in Stockwatch on Dec. 23, 2010, and Feb. 28, 2011. The private placement consists of 4,000,532 units at a price of 30 cents per unit for gross proceeds of $1,200,160. Each unit consists of one common share and one non-transferable share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at a price of 45 cents per share for 12 months expiring on April 27, 2012. In connection with the private placement, finders' fees of 8 per cent totalling $15,116 cash and issuing 15,116 shares were paid. The finders' shares are also at 30 cents per share.

In accordance with securities legislation currently in effect, the securities issued will be subject to a hold period of four months plus one day from the date of closing, expiring Aug. 28, 2011.

The proceeds of the private placement will be used for property acquisitions and for general working capital.