On September 16, 2010, Continental Gold Limited (“Continental Gold”) closed a private placement of 12,000,000 units at a price of $5.70 per unit (the “Units”) for aggregate gross proceeds of $68,400,000 (the “Offering”). Each Unit consists of one common share and one-half (½) of one common share purchase warrant (“Warrant”). Each whole warrant entitles the holder to acquire an additional common share at a price of $7.50 for a period of 24 months from the date of issuance.

The Offering was underwritten by a syndicate co-led by TD Securities Inc. and Clarus Securities Inc. and including Dundee Securities Corporation, GMP Securities L.P. and Macquarie Capital Markets Canada Ltd. (collectively, the “Underwriters”). The Offering included the initial agreement to acquire 10,000,000 Units and the exercise, in full, by the Underwriters of an Underwriters’ option for the purchase of an additional 2,000,000 Units.

Peterson Law acted as counsel to Continental Gold in connection with the Offering with a team that included Dennis Peterson.