VANCOUVER, June 25, 2014 /CNW/ - Cosigo Resources Ltd. (TSX-V: CSG) (the "Company") announces that it intends to complete a non-brokered private placement (the "Private Placement") of up to 5,000,000 units (the "Units") at a price of CDN$0.05 per Unit for gross proceeds to the Company of up to CDN$250,000. Each Unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire for a period of three years one additional common share of the Company at a price of CDN$0.10.
The net proceeds of the Private Placement will be used for continuing work on its Machado Project in Colombia and for general corporate purposes. In connection with the Private Placement, the Company may pay finders' fees to certain arm's length finders in an amount equal to 5% of the proceeds from the sale of the Units.
The common shares and warrants comprising the Units will be subject to a four-month hold period in accordance with the policies of the TSX Venture Exchange and applicable securities legislation. The Private Placement remains subject to the approval of the TSX Venture Exchange.
Cosigo Resources Ltd. (TSX-V: CSG) is a Vancouver-based company with mineral interests in properties in Brazil, Colombia and Canada. Cosigo has assembled a strong team, well experienced in the exploration and mining-finance industries. The Company's main focus is in the Taraira Gold Belt, which straddles the border between northwestern Brazil and southeastern Colombia. In Brazil, geological mapping has identified more than 250 km2 of prospective geology and sampling has identified gold-bearing strata over long strike-lengths in several locations. Cosigo's ongoing work in the Taraira Gold Belt is the first modern exploration program in an area known to have hosted more than 100 historic gold mining operations.On behalf of the Board of Directors