Amarillo Gold Corporation

11:35 AM EST - Amarillo Gold Corporation : Is proposing to complete a non-brokered private placement of units at a subscription price of $0.28 per Unit for aggregate gross proceeds to the Company of approximately $3,000,000. Each Unit is comprised of one common share and one-half of one Common Share purchase warrant. Each whole Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.38 for a period of 24 months following the date of issue, subject to customary adjustment provisions. Amarillo Gold Corporation shares V.AGC are trading unchanged at $0.28.