Minco Gold Corporation, a Canadian mining company involved in the direct acquisition and development of high-grade, advanced stage gold properties in PRC, announced that it has closed private placement financing previously announced on September 24, 2009. The financing placed 5,000,000 common shares in the capital stock of the corporation, at a price of $0.88 per share for gross proceeds of $4,400,000 with IDG-Accel China Growth Fund II L.P. and IDG-Accel China Investors II L.P.
IDG-Accel Fund acquired indirectly the ownership of 4,622,000 common shares through Blue Sky Strategic Holdings I, Ltd., a limited liability company organized under the laws of the British Virgin Islands, and IDG-Accel China Investors II L.P. acquired indirectly the ownership of 378,000 common shares through Blue Sky Strategic Holdings II, Ltd., also registered in BVI.
5,000,000 common shares of the company represent approximately 10.40% of its outstanding common shares. The net proceeds from the offering will be used for the continued exploration and development of Minco Gold’s properties in China and for general corporate purposes.
IDG-Accel Fund and IDG-Accel Investors are limited partnerships based in the Cayman Islands. General partner of IDG-Accel Fund is IDG-Accel China Growth Fund II Associates L.P., also registered in the Cayman Islands. The general partner of IDG-Accel Investors, as well as of IDG-Accel China Growth Fund II Associates L.P., is the Cayman Islands-based IDG-Accel China Growth Fund GP II Associates Ltd.
Both BVI companies, Blue Sky Strategic Holdings I, Ltd. and Blue Sky Strategic Holdings II, Ltd., are wholly owned by IDG-Accel Fund and IDG-Accel Investors.