Glass Earth Limited: Closing of First Tranche of C$5 M Private Placement for Advanced Exploration and Drilling
December 13 2007 - 2:00PM
Marketwired
TORONTO, CANADA (NZAX: GEL) ("Glass Earth") is pleased to
announce the completion of the first tranche of a non-brokered
private placement previously announced on November 1, 2007.
In the first tranche a total of 22,140,000 units (the "Units")
at a price of C$0.20 per Unit were issued, for gross proceeds of
C$4,428,000. Each Unit consists of one common share priced at
C$0.20 and one-half of one share purchase warrant; each whole
warrant entitling the holder to purchase one additional common
share at a price of C$0.30 expiring two years from the closing
date.
The proceeds from the financing will be used:
- To undertake drilling of targets within Glass Earth's
Exploration Permits in the Central Volcanic Region in the North
Island. These targets have been developed as a result of ground
geophysical and geochemical programmes recently completed. A
continuous drilling programme started in October 2007 will carry
through to the end of the New Zealand summer (April/May). Drilling
has commenced at Ohakuri, with a list of other prioritised
prospects targeted. (Please refer to attached map.)
- To accelerate ground based exploration programmes in the Otago
Region (see map) following up targets identified from the recently
completed C$3M airborne geophysics campaign in that Region.
- For general corporate purposes and working capital.
All the securities are subject to a hold period and may not be
traded until April 5, 2008.
A further announcement will be made when the second tranche of
the private placement is completed.
NAME CHANGE
Glass Earth also wishes to announce that it proposes to change
its name to Glass Earth Gold Limited.
The name change clearly ties in the primary objective of the
Company, which is to locate gold, while continuing with the concept
of the Company using advanced geophysical techniques to "see
through" the earth's crust. The name change is subject to
acceptance by the TSX Venture Exchange.
Trading codes on the Toronto and New Zealand stock exchanges
will remain the same: (TSX VENTURE: GEL) and (NZAX: GEL). Website
linkages will remain unchanged also.
Qualified Persons
Glass Earth's exploration programmes are carried out under the
supervision of Glass Earth's VP Exploration and Chief Operating
Officer, Mr. Simon Henderson, M.Sc, M.AUSIMM. Mr. Henderson meets
the qualified person requirements (as defined by National
Instrument 43-101) with more than 30 years of experience in the
gold mining and exploration industry.
About Glass Earth Limited
Glass Earth is one of the largest New Zealand-based gold
exploration companies exploring a land position of over 27,000
square kilometres in the North and South Islands. See the
exploration regions overview map at Figure 1.
In the North Island, exploration efforts are focused on the
Hauraki / Central Volcanic Region. The Hauraki / Central Volcanic
Region is host to the 10 million ounce gold Waihi / Martha Mine,
owned by Newmont Mining, which is considered the "type" epithermal
gold deposit and the kind of large epithermal gold system targeted
by Glass Earth.
- Hauraki Region - With advanced gold prospects, this region
occupies a significant ground position around the Waihi / Martha
Mine; Newmont has commenced earning into the Glass Earth permits
via two Joint Ventures: the Waihi West permit, immediately adjacent
to the Waihi / Martha Mine; and the surrounding Hauraki Region
permits.
- Mamaku Region - With recently-defined gold targets, this
region includes the Muirs Reef prospect, which historically has
produced more than 43,000 ounces of gold;
- Central Volcanic Region - Glass Earth has defined a plethora
of epithermal gold targets in this region, including advanced
prospects in the process of being drilled.
In the South Island, exploration efforts are focused on the
Otago Region for mesothermal "Macraes-style" gold targets and
alluvial gold.
- Otago Region - A major data collection/geophysical survey over
this region commenced in January 2007 and was completed in August
2007. It is being followed by a targeting process to identify
priority areas of gold potential for detailed on ground evaluation,
which commenced in November 2007.
Glass Earth Limited, with its main operational office in
Wellington, New Zealand; field offices in Rotorua (North Island)
and Dunedin (Otago, South Island) and corporate office in Toronto,
Canada; is listed on the TSX Venture Exchange (TSX VENTURE: GEL)
and the New Zealand Alternative Stock Exchange (NZAX: GEL).
NOTE: To view Figure 1 Glass Earth Exploration Overview Map,
click on the following link:
http://www.ccnmatthews.com/docs/GELMAP1212.pdf.
Neither 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 Limited Simon Henderson Chief Operating
Officer and Vice President, Exploration +64 4 903 4980 Website:
www.glassearthlimited.com
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