Black Rock-Sulliden -CPN/ESM-F & M- All in One locationTORONTO, ONTARIO--(Marketwired - May 19, 2016) - Carpathian Gold Inc. (CSE:CPN) (the "Corporation" or "Carpathian") wishes to announce that it has closed the previously announced financing whereby Forbes & Manhattan Inc. ("Forbes & Manhattan"), Sulliden Mining Capital Inc. and Black Iron Inc. have subscribed to a private placement (the "Private Placement") of units (the "Units") at a subscription price of CAD$0.07 per Unit for aggregate gross proceeds of ten million dollars (CAD$10,000,000). Each Unit consists of one (1) common share of the Corporation ("Common Share") and one-half (0.5) of a common share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to acquire one (1) Common Share at a price of CAD$0.12 for a period of two (2) years from the date of issuance. However, the Warrant exercise period may be accelerated if after the date that is 4 months and a day following the closing, the Common Shares trade at a price above CAD$0.15 for a period of 20 consecutive trading days.
Origin Merchant Partners acted as financial advisor for Carpathian in connection with this transaction.