|August 05, 2011|
Cosigo Resources Ltd. Announces Non-Brokered Private Placement
|TSX-V: CSG-NR #11-05|
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, August 5, 2011 -- Cosigo Resources Ltd. (formerly Horseshoe Gold Mining Inc.) (TSXV:CSG) (the "Company") announced today that it is conducting a non-brokered private placement (the "Private Placement") of up to US$500,000. Cosigo proposes to issue up to 1,000,000 units (the "Units") at a price of US$0.50 per Unit. Each of the Units will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to acquire, for a period of two years, one additional common share of the Company at a price of US$1.00 during the first year following the closing of the Private Placement and US$1.25 during the second year.
In connection with the Private Placement, Cosigo may pay finders' fees to certain finders in an amount equal to 5% of the proceeds from the sale of the Units.
The net proceeds of the non-brokered Private Placement will be used to advance a drilling program at the Company's primary project, located in the Taraira Gold Belt in southeastern Colombia, and for general working capital purposes.
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.
About Cosigo Resources:
Cosigo Resources Ltd. (TSX-V: CSG) is a Vancouver-based company exploring for economic gold deposits in Colombia and Brazil. Cosigo has assembled a strong team, well experienced in South America and in the exploration and mining-finance industries. The Company's flagship project is its primary project in the Taraira Gold Belt of southeastern Colombia. Cosigo's ongoing work on the 9,973 hectare primary project is the first modern exploration program in an area known to have hosted more than 100 historic gold mining operations.
This issue is being subscribed to by Colombian and Brazilian investors who have closely followed the processes of forestry subtraction and native prior consults on the primary project. These processes have been completed and the Company is awaiting official approval from the Colombian authorities.
Cautionary Notice: This release may contain forward-looking statements regarding the Company's business or financial condition, including the proposed completion of financing, use of proceeds and exploration programs. Actual results could differ materially from those described in this news release as a result of factors, including, but not limited to the following: the timing and completion of financings, the actual use of proceeds, the timing, results and success of exploration and development programs, financial arrangements, the ability to obtain additional financing, developments in global resource markets, political developments, the timing of regulatory and environmental approvals, including receipt of the appropriate permits to commence drilling at the Machado project, and other factors. The Company cautions that these and similar statements involve risk and uncertainties, which could cause actual results to differ materially from those in the forward looking statement. Forward-looking statements are made in the context of information available as of the date stated. The Company undertakes no obligations to update or revise such statements to reflect new circumstances or unanticipated events as they occur, unless required by applicable law.
On behalf of the Board of Directors,
Cosigo Resources Ltd.
President & CEO
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 of this release.
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