Glass Earth Closes Second Tranche of Private Placement
(firmenpresse) - WELLINGTON, NEW ZEALAND -- (Marketwire) -- 10/17/11 -- Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass Earth") today announces that it has closed the second and final tranche of its previously announced non-brokered Private Placement. A total of 602,000 Units have been sold at a price of $0.55 per unit for gross proceeds of C$331,100.
Each Unit consists of one common share and one half of a common share purchase Warrant. Each whole Warrant entitles the holder to purchase one common share at a price of C$0.80 per share, exercisable for a period of 24 months from the date of issuance.
All securities issued pursuant to the second tranche closing of the private placement are subject to a hold period and may not be traded until February 5, 2012.
In total, 5,319,184 Units have been sold for gross proceeds of C$2,925,551. Finders' fees of $190,992 have been paid in cash in connection with the two tranches of the Private Placement. In addition, 347,257 finders' warrants have been issued, each finders' warrant entitling a finder to purchase one Unit at a price of $0.80 per Unit for a period of 24 months. Each Unit issuable pursuant to the finders' warrants shall have the same terms and conditions as the Units issued to investors.
The proceeds of this financing will be used for drilling, mineral exploration and general working capital purposes.
In addition, 338,000 stock options and 306,200 warrants have been exercised for proceeds of C$183,130.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold exploration companies exploring a land position of approximately 10,800 square kilometres in the North and South Islands.
In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki/Central Volcanic Region. This Region is host to the 10 million ounce Martha Gold Mine, (Newmont Mining).
In the South Island, exploration efforts are focused on the Otago Region for mesothermal "Macraes-style" gold targets and placer/alluvial gold.
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To view the Map associated with this press release, please visit the following link: .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor New Zealand Exchange Limited has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Glass Earth Gold Limited
Simon Henderson
President and Chief Executive Officer
+64 4 903 4980
CHF Investor Relations
Jeanny So
Director of Operations
1 416 868 1079 x225
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Unternehmensinformation / Kurzprofil:
Datum: 17.10.2011 - 15:00 Uhr
Sprache: Deutsch
News-ID 76851
Anzahl Zeichen: 0
contact information:
Town:
WELLINGTON, NEW ZEALAND
Kategorie:
Mining & Metals
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"Glass Earth Closes Second Tranche of Private Placement"
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