MGold Resources Inc. ("MGold" or the "Corporation") advises that it has extended the deadline for its previously announced financing to November 30, 2012, subject to approval from the TSX Venture Exchange.  The previously announced non-brokered private placement will sell a minimum of 4,000,000 and a maximum of up to 10,000,000 common shares ("Common Shares") by way of non-brokered private placement to raise gross proceeds for the Corporation of between $200,000 and $500,000 (the "Private Placement").  Net proceeds from the Private Placement will be used for acquisition or farm-in of producing oil and gas properties and for general corporate purposes.

 

The Private Placement is non-brokered, but the Corporation may pay a finder's fee of up to 7% in cash or shares to arm's length parties who assist with the placement of Common Shares. The Private Placement is now scheduled to close on or about November 30, 2012 and is subject to normal approvals by the TSX Venture Exchange.