October 15, 2009, Calgary, Alberta: Antioquia Gold Inc. (TSX-V: AGD) is pleased to announce its intention to complete a private placement subject to the approval of the TSX Venture Exchange (“TSX-V”) pursuant to TSX-V Policy 4.1 (Private Placements). The intention is to issue up to 7,142,000 units at a price of $0.25 per unit for total gross proceeds of $1,785,500, the price having been reserved with the TSX-V on September 23, 2009. Each unit is comprised of one AGD common share and a half warrant. Each full warrant will entitle the holder to purchase one AGD common share at a price of $0.40 per share exercisable for 18 months from the date of close. Upon completion of this private placement AGD will have up to 50,255,652 common shares issued and outstanding. The cash proceeds will be added to working capital and thereby used to reduce accounts payable, continue exploration activities and fund the drilling programs in Colombia.
AGD is a Calgary based mineral exploration company focused on searching out precious metals and other mineral opportunities in Colombia. AGD’s principal asset is its Cisneros Project, located 70 kilometers northeast of Medellin in the Department of Antioquia, Colombia.
Caution regarding forward looking information
This press release may contain forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AGD to be materially different from actual future results and achievements expressed or implied by such forward looking statements. . Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of AGD and its management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forward- looking statements while considering the risks involved.
For further information on Antioquia Gold Inc., visit our website at www.antioquiagoldinc.com or contact
Rick Thibault, President
Antioquia Gold Inc.
Robert James, Chief Financial Officer
Antioquia Gold Inc.
Neither 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 or accuracy of this release.