December 06, 2005
Carpathian Gold Inc. (the "Corporation") (TSX-V - CPN) Announces Private Placement Financing
TORONTO, Dec. 6 /CNW/ - The Corporation is pleased to announce that ithas completed a private placement of 3,000,000 units of the Corporation (the"Units") a price of $0.15 per Unit, for total gross proceeds of $450,000 (the"Offering"). Each Unit consists of one (1) common share in the capital of theCorporation (a "Common Share") and one (1) Common Share purchase warrant (a"Warrant"). Each Warrant shall entitle the holder thereof to acquire oneCommon Share at a price of $0.20 per share until the date that is twenty-four(24) months following the date of closing. The Warrants are callable by theCorporation in the event that the weighted average price of the Common Sharesis at or above $0.30 for twenty (20) consecutive trading days. A maximum of195,000 options to purchase Common Shares and a cash commission of $30,000were granted to arm's length parties as finders' fees. Each finder's optionentitles its holder to acquire one Common Share at a price of $0.15 per sharefor a twenty-four (24) month period..
The Offering is subject to the final approval of TSX Venture Exchange.All securities issued in connection with the Offering are subject to a four(4) month hold period from the date of issuance. After giving effect to theOffering, and assuming no exercise of the Warrants or the finder's options,the Corporation will have 63,162,262 Common Shares issued and outstanding.
The net proceeds of the Offering will be used primarily for explorationwork on the Corporation's Romania properties, specifically the Rovina Licenseand for working capital purposes.
Carpathian Gold Inc. is a mineral exploration company focused on goldexploration on its properties in Romania.
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The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
This press release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical facts, that address future exploration drilling,
exploration activities and events or developments that the Company expects,
are forward looking statements. Although the Company believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and
actual results or developments may differ materially from those in forward-
looking statements. Factors that could cause actual results to differ
materially from those in forward-looking statements include market prices,
exploitation and exploration successes, continued availability of capital and
financing, and general economic, market or business conditions.
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%SEDAR: 00018939E
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For more Information please contact:
Dino Titaro, President and CEO
Website: : www.carpathiangold.com
Tel. +1 (416) 368-7744 (CAN)
Fax. +1 (416) 368 2579 (CAN)
e-mail info@carpathiangold.com
OR
Eric Leboeuf, Investor Relations
Tel. +1 (514) 341-0408 or
1-866-460-0408
Fax. +1 (514) 341-1527
e-mail: ericleboeuf@paradox-pr.ca
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