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Adventure Gold: Closing of Flow-Through Private Placement and Results of Shareholders' Meeting

^{Published on 2009-12-30 14:00:08 - Market Wire}
 

MONTREAL, QUEBEC--(Marketwire - Dec. 30, 2009) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") announces the closing of the non-brokered flow-through private placement offering (the "Flow-Through Offering") with private investors. In total, the Company issued 571,000 flow-through common shares at a price of $0.18 per share for a gross proceeds of $102,780. The funds raised will be used to fund the Company's exploration activities in the Province of Quebec. An Officer of the Company participated in the private placement for an amount of $5,400.

All securities issued in the Offering are subject to a four month hold period, ending May 1, 2010.

Results of Shareholders' Meeting

In other news, Adventure Gold is pleased to announce the results of its shareholders' meeting held on Friday, December 18, 2009 at 11:00 a.m. in Ottawa. The following persons were elected Directors of the Company: Marco Gagnon, André Audet, Marc Carbonneau, Marc L'Heureux, and Stéphane Le Bouyonnec. Raymond Chabot Grant Thornton LLP were appointed auditors of the Corporation. The Corporation has been authorized to exercise, at its discretion, the option to pay the inisider management costs in common shares in compliance with the terms and conditions contemplated in the costs sharing agreement entered into with Everton Resouces Inc. and dated, for reference, January 1, 2009. Mineralfields Group and Limited Market Dealer Inc. have been authorized to exercise, at their discretion, the 2,632,140 share purchase warrants issued in 2008 by the Corporation pursuant to a private placement, the whole in compliance with the terms and conditions contemplated in the warrant certificates.

Profile:

Adventure Gold Inc. is a mining exploration company focused on discovering high quality gold deposits in the Abitibi greenstone belt located in north-west Quebec and north-east Ontario - one of the richest gold deposit areas in the world. Adventure Gold holds quality assets in the Val-d'Or, Québec and Timmins, Ontario areas and is led by a determined management and technical team with extensive exploration and mine production experience. The Company will continue to aggressively seek new properties in compliance with the corporate strategy.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.