|September 22, 2011|
Cosigo Resources Ltd. Closes $US504,183 Private Placement With South American Investors
|NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES|
Vancouver, British Columbia, September 22, 2011 - Cosigo Resources Ltd. (TSXV: CSG) today announced the closing of a non-brokered private placement of 1,008,366 units at a price of $US0.50 per unit, for total gross proceeds of $US504,183.
"Colombian and Brazilian investors have oversubscribed to this non-brokered private placement. These investors are familiar with our project areas and have been closely following our progress in the Taraira Gold Belt" said Dennis W. Milburn, President and CEO of Cosigo. "We are delighted by their show of confidence."
Each of the units consists 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. All securities issued in the private placement will be subject to a four-month hold period expiring January 23, 2012. The net proceeds of the non-brokered private placement will be used to advance a drilling program at the Company's Machado project, located in the Taraira Gold Belt in southeastern Colombia, and for general working capital purposes.
About Cosigo Resources:
Cosigo Resources Ltd. (TSX-V: CSG) is a Vancouver-based company exploring for 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 100% owned Machado Project in the Taraira Gold Belt of southeastern Colombia where geological mapping and geochemical sampling have identified potentially gold-bearing strata over a strike-length of more than 20 km. Cosigo's ongoing work on the 9,973 hectare Machado Project is the first modern exploration program in an area known to have hosted more than 100 historic gold mining operations.
Cautionary Notice: This release may contain forward-looking statements regarding the Company's business or financial condition, including the proposed completion of financings, 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 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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