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Mahdia Gold Corp (CNSX:MGD) Announces Amended Terms of Non-Brokered Private Placement

TORONTO, ONTARIO -- (Marketwire) -- 01/04/13 -- Further to its news release of November 1, 2012 announcing a private placement to raise up to $3,500,000 through the issuance of common shares, Mahdia Gold Corp. (CNSX:MGD)(the "Company") announces that it has amended the terms of the private placement. The Company will be offering units at CAD $0.25 per unit, with each unit comprised of one common share and one common share purchase warrant exercisable at $0.40 for a period of 24 months from the closing date. The Company may pay a finder's fee in connection with a portion of the Offering equal to 8% in cash or securities. There will not be any change of control as a result of the Offering.

The net proceeds from the Offering are intended to be used to fund the Company's exploration activities in Guyana and for general working capital.

Completion of the Offering is subject to the acceptance for filing thereof by the Canadian National Stock Exchange.

About Mahdia Gold Corp.

Mahdia is a Canadian-based gold exploration company with active gold prospects in Guyana.

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CNSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CNSX) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Mahdia Gold Corp.
David Bending
President
(416) 214-7748
[email protected]

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