Marathon Announces Further Investment by Rambler Metals & Mining

 TORONTO, April 2, 2014 /CNW/ - Marathon Gold Corporation ("Marathon" or the  "Company") (TSX: MOZ) announced today the closing of the second tranche of a  non-brokered private placement of common shares to Rambler Metals & Mining plc  (TSX.V: RAB, AIM: RMM) ("Rambler") under the terms of a subscription agreement  dated December 3, 2013 and previously announced on December 4, 2013.  The placement of Marathon's common shares by way of a non-brokered private  placement generated proceeds of $250,000 and cumulative proceeds of $500,000,  with Rambler holding an option to invest an additional $1.5 million going  forward.  The terms of this financing are set out below:        --  Rambler subscribed to purchase 797,448 common shares at a price         of $0.3135 per share, for total proceeds of $250,000. The share         price for this subscription, which closed on April 1, 2014,         subject to TSX approval, represents a 10% premium to the 60-day         volume-weighted average price ("VWAP") of Marathon's shares on         the trading day prior to Rambler providing notice to subscribe.     --  Marathon has granted Rambler rights to purchase additional         shares in four quarterly tranches of up to $375,000 per tranche         commencing May 1, 2014 (the "Rights"), representing potential         additional proceeds of $1,500,000. The pricing applicable to         all investments pursuant to the Rights will be a 10% discount         to the greater of the 60- and 5-day VWAP's ending on the day         prior to Rambler giving notice of its intention to subscribe         these shares. If Rambler does not exercise its purchase rights         in any quarter, they may elect to carry such rights forward for         an additional three months subject to Marathon's consent under         the same pricing conditions as the quarterly terms.     --  There are no finder's fees or other costs associated with this         financing.  Phillip Walford, President and CEO of Marathon Gold, commented,  Norman Williams, President and CEO of Rambler Metals and Mining, commented,  About Rambler Metals & Mining  Rambler is a mining and development company that brought its first mine into  commercial production in November 2012.  The group has a 100 per cent  ownership in the Ming Copper-Gold Mine, a fully operational base and precious  metals processing facility and year round bulk storage and shipping facility;  all located on the Baie Verte peninsula, Newfoundland and Labrador, Canada.  The Company's vision is to be Atlantic Canada's leading mine operator and  resource developer through growth and expansion of its existing assets;  discovering new deposits; strategic partnerships; mergers and acquisitions.   In addition to the Ming Mine, Rambler has strategic investments in the former  producing Hammerdown gold mine, Little Deer/ Whales Back copper mines and the  advanced Valentine Lake Gold Project.  Rambler is dual listed in London under AIM: RMM and in Canada under TSX-V: RAB.  For more information on Rambler Metals & Mining visit  About Marathon Gold Corporation  Marathon is a Toronto based gold resource Development Company focused on the  Valentine Lake property in central Newfoundland. Marathon's mission is to  rapidly move the Valentine Lake project towards advanced exploration and  pre-development stages. For more information visit:  About the Valentine Lake Project  The Valentine Lake property, owned 100% by Marathon Gold Corporation, hosts  two well defined gold deposits with NI 43-101 compliant resources: the  Leprechaun Gold Deposit and the Victory Gold Deposit. The Leprechaun Gold  Deposit is located near the south-western end of the Valentine Lake property,  and the Victory Gold Deposit is located 13 kilometers along strike to the  north-east.  These gold deposits form part of a 23 km long, highly prospective  gold-bearing mineralized corridor focused along the Valentine Lake Thrust  Fault.  The Leprechaun Gold Deposit has a NI 43-101 compliant Open Pit and Underground  Resource (refer to August 1, 2013 news release). The Open Pit Resource is  Measured 3.5 million tonnes containing 247,000 oz Au, and Indicated 6.2  million tonnes containing 412,000 oz Au, and Inferred 1.2 million tonnes at  1.82 g/t Au containing 71,000 oz Au. The Underground Resource is Measured  108,000 tonnes containing 17,000 oz Au, and Indicated 764,000 tonnes  containing 100,000 oz Au, and Inferred 349,000 tonnes containing 69,000 oz Au.  As a result of favorable drilling results in 2013 and 2014, the Sprite Area,  which is adjacent to the Leprechaun Gold Deposit, will be a focus of continued  exploration this year.  The Victory Gold Deposit (formerly Valentine East Hill) has an Open Pit  Resource (refer to August 1, 2013 news release). The Open Pit Resource is  Indicated 761,000 tonnes containing 41,000 oz Au, and Inferred 199,000 tonnes  containing 9,000 oz Au. Both deposits are open to expansion.  CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION  Except for statements of historical fact relating to Marathon Gold  Corporation, certain information contained herein constitutes "forward-looking  statements". Forward-looking statements include statements that are predictive  in nature, depend upon or refer to future events or conditions, or include  words such as "expects", "anticipates", "plans", "believes", "considers",  "intends", "targets", or negative versions thereof and other similar  expressions, or future or conditional verbs such as "may", "will", "should",  "would" and "could". We provide forward-looking statements for the purpose of  conveying information about our current expectations and plans relating to the  future and readers are cautioned that such statements may not be appropriate  for other purposes.  By its nature, this information is subject to inherent  risks and uncertainties that may be general or specific and which give rise to  the possibility that expectations, forecasts, predictions, projections or  conclusions will not prove to be accurate, that assumptions may not be correct  and that objectives, strategic goals and priorities will not be achieved.  These risks and uncertainties include but are not limited to those identified  and reported in Marathon Gold Corporation's public filings, which may be  accessed at  Other than as specifically required by law, we  undertake no obligation to update any forward-looking statement to reflect  events or circumstances after the date on which such statement is made, or to  reflect the occurrence of unanticipated events, whether as a result of new  information, future events, results or otherwise.    SOURCE  Marathon Gold Corporation  Christopher Haldane, Investor Relations Manager, Tel: 1-416-987-0714, E-mail:  To view this news release in HTML formatting, please use the following URL:  CO: Marathon Gold Corporation ST: Ontario NI: MNG LOAN MNA  
Press spacebar to pause and continue. Press esc to stop.