Rapier Gold completes $90,725 private placement2014-11-21 15:21 ET - News Release Mr. Roger Walsh reports RAPIER GOLD INC. CLOSES PRIVATE PLACEMENT Rapier Gold Inc. has closed its non-brokered private placement. The company will issue 579,000 flow-through units and 946,000 non-flow-through units for gross proceeds of $90,725. A finder's fee in the amount of $1,748.25 and 23,310 compensation warrants are payable in respect of the private placement. The offering consisted of flow-through units and non-flow-through units at a price of 7.5 cents per flow-through unit and five cents per non-flow-through unit. Each flow-through unit or non-flow-through unit consists of one common share and one-half of one non-transferable common share purchase warrant, which entitles the holder to purchase one common share at an exercise price of 10 cents for 12 months following completion of the offering. The shares are subject to a statutory four-month hold period expiring on March 22, 2015. The proceeds from the issuance of the flow-through units will qualify as Canadian exploration expenses, which will be renounced to investors effective Dec. 31, 2014. The company will use the net proceeds of the offering for expenditures on the company's Pen gold project located 75 kilometres southwest of Timmins, Ont., and for general working capital. A director of the company has acquired 120,000 non-flow-through units and 270,000 flow-through units of the private placement. Such participation is considered to be a "related-party transaction" as defined under Multilateral Instrument 61-101. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to, nor the consideration paid by, such persons will exceed 25 per cent of the company's market capitalization. Pen gold project summary The company's activities are exclusively focused on exploring for gold on the Pen gold project, comprising 16,448 hectares (approximately 160 square kilometres) located 75 kilometres southwest of Timmins, Ont. Located in close proximity to Pen gold project are three of the most interesting new gold discoveries on the Ontario side of the Abitibi belt, including: ##Additional discoveries by Lakeshore Gold at Thunder Creek, 50 kilometres east; ##Probe Mine's Borden Lake deposit 70 kilometres west; ##Iamgold's Cote Lake deposit 70 kilometres south, which was acquired two years ago. The Pen gold project sits on the western extension of the Porcupine-Destor deformation fault zone, one of the most productive gold structures in the world. This fault zone extends east to Chibougamau in Quebec and hosts many of the most famous gold mines in Canada. Current market conditions and financial constraints have resulted in the company evaluating various options to advance the next stage of work, including joint ventures and/or strategic alliances with other mining companies. We seek Safe Harbor. © 2014 Canjex Publishing Ltd. All rights reserved.