Minco Gold (TSX:MMM) announced today that Accel China Grouth Fund II has agreed to purchase 5,000,000 shares at $0.88 per share for total proceeds of $4.4 million. The financing was not brokered and represents 10.3% of the issued and outstanding shares of Minco Gold.
The press release is quoted as saying:
The net proceeds from the Offering will be used for the continued exploration and development of the Company’s properties located in the Peoples Republic of China.
