VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/21/10 -- Lateegra Gold Corp. (the 'Company') (TSX VENTURE: LRG)(FRANKFURT: LTGB) announces that it has arranged, subject to TSX Venture Exchange acceptance, a private placement of 5,625,000 flow-through units (the 'FT Units) at $0.40 per FT Unit for total gross proceeds of $2,250,000 and a private placement of 2,142,858 non flow-through units (the 'NFT Units) at $0.35 per NFT Unit for total gross proceeds of $750,000.
Each FT Unit consists of one flow-through common share and one-half of one transferable share purchase warrant, each whole warrant exercisable into one non flow-through common share for a period of one year at a price of $ 0.50 per share.
Each NFT Unit consists of one common share and one-half of one transferable share purchase warrant, each whole warrant exercisable into one non flow-through common share for a period of one year at a price of $ 0.50 per share.
Finders' fees may be payable in whole or in part on the placement pursuant to the policies of the TSX Venture Exchange.
Proceeds will be used for qualified exploration expenditures on the Company's mineral properties and for general working capital.
The Company also wishes to advise that while remaining Chief Consulting Geologist and Q.P., Robert Duess, P.Geo, due to personal reasons and time constraints, has retired his position as Company VP Exploration.
ON BEHALF OF THE BOARD OF DIRECTORS
Christopher Verrico, President and CEO
Cautionary note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has not filed a National Instrument 43-101 report on any property, but will do so as soon as the information is available. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as 'reserves' unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
'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.'
Contacts:
Lateegra Gold Corp.
Christopher Verrico
President and CEO
604-669-9330 or Toll Free: 1-866-669-9377
604-669-9335 (FAX)
info@lateegra.com
www.lateegra.com
