Glass Earth Announces C$500,000 Private Placement and Issuance of Shares Pursuant to Farm-In Terms
October 28 2009 - 10:08AM
Marketwired
Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass
Earth") wishes to announce that it is undertaking a private
placement financing for gross proceeds of up to C$500,000.
Private Placement
The Private Placement will consist of up to 10,000,000 units at
a price of C$0.05 per unit. Each unit will consist of one common
share and one share purchase warrant. Each warrant will entitle the
holder to purchase one common share at a price of C$0.10 per share,
exercisable for a period of 3 years from the closing date.
The proceeds from the financing will be used for general
corporate purposes.
All the securities issued pursuant to the foregoing will be
subject to a four-month hold period. The private placement is
subject to the approval of the TSX Venture Exchange.
Issuance of Shares Pursuant to Farm-In Terms
Glass Earth has previously announced the:
- Option into the Rise & Shine prospect (June 9, 2009);
and
- Farm-In to the Ophir Gold Ltd Exploration Permit 40 427
(August 18th, 2009).
Both of these agreements require the issuance of fully paid
common shares as a component part of the deals. The Rise &
Shine Option requires the issuance of 100,000 Glass Earth shares
and the Ophir Gold Farm-In requires the issuance of one million
Glass Earth shares. The issuance of these shares is subject to the
approval of the TSX Venture Exchange.
Glass Earth is finalising regulatory consents and completing
preparations for bulk testing at each of its initial placer and
hard rock targets.
Qualified Persons
Glass Earth's exploration programmes are carried out under the
supervision of Glass Earth's President and CEO, Simon Henderson,
M.Sc, M.AUSIMM, F.SEG. 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 Gold Limited
Glass Earth is one of the largest New Zealand-based gold
exploration companies exploring a land position of over 17,000 km2
in the North and South Islands. With its main office in Wellington,
New Zealand, Glass Earth Gold Limited is listed on the TSX Venture
Exchange (TSX VENTURE: GEL) and the New Zealand Alternative Stock
Exchange (NZAX: GEL).
To receive Company news via email, contact lindsay@chfir.com and
mention "Glass Earth news" in the subject line.
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 Gold Limited Simon Henderson President and
Chief Executive Officer +64 4 903 4980 info@glassearthlimited.com
www.glassearthgold.com CHF Investor Relations Lindsay Carpenter
Account Manager +1 416 868 1079 x239 lindsay@chfir.com
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