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Glencairn Completes $26 Million Private Placement

Tuesday, October 23rd, 2007

Glencairn Gold Corporation is pleased to announce that it has closed its previously announced private placement financing for gross proceeds of $26,050,500. A syndicate of underwriters, led by Orion Securities Inc., and including Dundee Securities Corporation, Blackmont Capital Inc. and Wellington West Capital Markets Inc., purchased 40,000,000 units (the “Units”) and 133,670,000 subscription receipts (the “Subscription Receipts”) at a price of $0.15 per Unit or Subscription Receipt. Each Unit is comprised of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share at a price of $0.18 until October 22, 2010.
The proceeds from the sale of the Subscription Receipts will be held in escrow pending satisfaction of certain conditions, including receipt of disinterested shareholder approval for the issuance of the common shares and common share purchase warrants upon exercise of the Subscription Receipts. Upon satisfaction of such conditions, each Subscription Receipt will be automatically converted into one Unit (without any further action by the holders thereof, including payment of additional consideration). If such conditions are not satisfied by December 31, 2007, the Company will repurchase the Subscription Receipts at a redemption price per Subscription Receipt equal to the issue price of $0.15 plus interest.
The net proceeds from the financing will be used by the Company for development of the Libertad Mine, for exploration at the Company’s mineral properties, and for general working capital purposes.
The size of the offering was increased from $25,050,000 to accommodate the participation of Yamana Gold Inc. (“Yamana”) which acquired $2,000,000 of Units and Subscription Receipts pursuant to its right to maintain a pro rata interest in the Company. As a result of this offering and assuming all Subscription Receipts are exercised, Yamana will own 55,355,833 common shares of the Company, representing approximately 13.3% of the issued and outstanding common shares of the Company.
As a result of this offering and assuming all Subscription Receipts are exercised, Aberdeen International Inc. will own 46,333,001 common shares of the Company, representing approximately 11.2% of the issued and outstanding common shares of the Company.

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