Glass Earth Closes First Tranche of $4 Million Placement; Adds Program to Improve Liquidity
December 28 2010 - 9:00AM
Marketwired
Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass
Earth") today announces that it has closed the non-brokered portion
of its previously announced Private Placement. A total of
10,016,299 units have been sold at a price of $0.30 per unit for
gross proceeds of C$3,004,890.
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$0.50 per share,
exercisable for a period of 24 months from the date of issuance.
The units are subject to a four month hold period expiring on April
24, 2011.
The Company anticipates closing the brokered portion of the
private placement in early January.
The proceeds of this financing will be used for mineral
exploration and general working capital purposes.
Market Liquidity Program
Glass Earth Gold Limited has initiated a Market Liquidity
Program (more commonly known as market-making), as part of investor
relations' services provided by CHF Investor Relations. First
retained in June 2008, CHF Investor Relations has offered its
clients market-making since 2002. Subject to TSX Venture approval,
fees paid to CHF will increase, accordingly, to C$7,500 per month
while all other terms of their IR agreement remain unchanged (see
news release dated June 20, 2008). Simon Henderson, Glass Earth
President and CEO, has provided 100,000 GEL shares, in certificate
form from his personal holdings, for the purposes of this
program.
The market-making activity is undertaken using a registered
broker, Mackie Research Capital, in compliance with the guidelines
established by the TSX Venture Exchange Policy 3.4 and other
relevant policies so that trading orders in the Issuer's stock are
made to manage volatility and improve liquidity.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold
exploration companies exploring a land position of over 2,800
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).
Hauraki Region - Glass Earth occupies a significant ground
position around the Waihi/Martha Gold Mine; The Newmont-Glass Earth
Waihi West JV (65/35) is currently being explored and managed by
Newmont. The Newmont-Glass Earth Hauraki JV (65/35) has recently
announced significant results on its WKP - West Project (August
25th press release).
WKP West - Follow-up drilling campaigns planned for the last
quarter 2010 will now commence in early 2011, following delays in
site access and drill equipment scheduling.
Central Volcanic Region - Glass Earth has defined several
significant epithermal gold targets in this region, drilling is
currently underway on the Muirs Reef project (Mamaku district)
where the strike and depth potential of the Muirs Massey Reefs are
being tested, as well as the new East and West vein systems
interpreted from 3D resistivity surveying. Two rigs have been
drilling, with results anticipated in early 2011.
In the South Island, exploration efforts are focused on the
Otago Region for mesothermal "Macraes-style" gold targets and
alluvial gold.
Otago Region - Field programmes to commence the drilling of
highly ranked Serpentine and Game Hen gold targets is planned for
early 2011.
Two alluvial mining operations continue into the 2011 year,
coupled with an acceleration of alluvial exploration and resource
definition; Glass Earth / Dunstan Mining (placer mining 50/50
partner) plan to treble gold output in 2011.
To receive Company news via email, contact jennie@chfir.com and
mention "Glass Earth news" in the subject line.
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 info@glassearthlimited.com
www.glassearthgold.com CHF Investor Relations Jeanny So Director of
Operations +1 416 868 1079 x225 jeanny@chfir.com
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