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Attention Business Editors
Evolving Gold Completes Private Placement with Goldcorp Inc. - Issues 19,047,721 Shares at $0.82 Per Share
VANCOUVER, July 9 /CNW/ - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the
"Company") is pleased to announce today that it has completed the previously
announced (July 7, 2010) private placement with Goldcorp Inc. (TSX: G, NYSE:
GG) for 19,047,721 common shares of the Company, at a price of $0.82 per
share, for proceeds to the Company of $15,619,131.22. The proceeds from the
private placement are to be used to explore the Company's major exploration
properties, the Rattlesnake Hills project in Wyoming and Carlin and Humboldt
projects in Nevada.
The private placement has been completed at $0.82 per share, and it
represents approximately 15% of the issued and outstanding common shares of
the Company, for proceeds to the Company of $15,619,131.22. There are neither
warrants nor other dilutive securities being issued, and no commissions nor
finder's fees have been paid, in connection with the transaction. The shares
are subject to a statutory four month hold period from the closing of the
transaction. The transaction has been approved by the TSX Venture Exchange.
Pursuant to the terms of the private placement, Goldcorp Inc. has the right,
subject to certain conditions, to participate in future equity financings and
certain non-cash transactions undertaken by the Company to maintain its
relative interest in the Company, for a period of up to five years.
About Evolving Gold Corp.
Evolving Gold is focused on exploring its significant discovery at
Rattlesnake Hills, Wyoming, an alkalic gold system, similar to the Cripple
Creek gold district in Colorado, and on gold properties in and adjacent to the
productive Carlin district of northern Nevada.
For more information about Evolving Gold please visit:
www.evolvinggold.com. To receive regular updates or to receive a follow-up
call from Investor Relations please sign up at:
http://evolvinggold.com/sign-up.php.
In compliance with National Instrument 43-101, Quinton Hennigh, Ph.D.,
P.Geo., is the Qualified Person responsible for the accuracy of this news
release.
On Behalf of the Board of Directors
EVOLVING GOLD CORP.
<<
"Robert Barker"
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Robert Barker
CEO and Director
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FORWARD LOOKING STATEMENTS: This press release contains forward-looking
statements, which address future events and conditions, which are subject to
various risks and uncertainties. The Company's actual results and financial
position could differ materially from those anticipated in such
forward-looking statements as a result of numerous factors, some of which may
be beyond the Company's control. These factors include: results of exploration
activities and development of mineral properties, fluctuations in the
marketplace for the sale of minerals, the inability to implement corporate
strategies, the ability to obtain financing, currency fluctuations, general
market and industry conditions and other risks disclosed in the Company's
filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and opinions of
the Company's management on the date the statements are made. The assumptions
used in the preparation of such statements, although considered reasonable at
the time of preparation, may prove to be imprecise and, as such, undue
reliance should not be placed on forward-looking statements. The Company
expressly disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise.
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.
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/For further information: Evolving Gold Corp., 604-685-6375/
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