Glass Earth Gold Announces the Closing of Final Tranches of C$4 Million Private Placement
January 18 2011 - 9:48AM
Marketwired
Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass
Earth") today announced the completion of the second and third
tranches of a previously announced Private Placement financing for
gross proceeds of C$1,061,600. In addition, Glass Earth has paid
certain finders fees in connection with the completion of the
C$3,004,890 first tranche of the Private Placement announced
December 28, 2010.
Second and Third Tranches
The second tranche consisted of 3,255,000 Units at a price of
C$0.30 per Unit. 1,760,000 Units were sold on a brokered basis
through D&D Securities Inc. (the "Agent'") and the balance on a
non-brokered basis. The third tranche consisted of 283,666 Units at
a price of C$0.30 per Unit. 166,666 Units were sold on a brokered
basis through the Agent and the balance on a non-brokered
basis.
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.
Glass Earth paid the Agent and members of its selling group, as
well as a finder in respect of the non-brokered portion, a cash
commission of 8% of the funds raised in the second and third
tranches. In addition, Glass Earth issued to the Agent, its selling
group and finder a total of 283,093 non-transferable Warrants
("Compensation Warrants") to acquire Units in the amount that is
equal to 8% of the number of Units sold.
Each of the Compensation Warrants entitles the holder to acquire
one Unit of Glass Earth at a price of $0.50 per Unit for a period
of 24 months from the date of issuance. The Units underlying the
Compensation Warrants have the same terms and conditions as the
Units sold pursuant to the Private Placement.
All of the Units and Compensation Warrants issued pursuant to
the second tranche are subject to a four-month hold period expiring
May 7, 2011 with the third tranche's hold period expiring May 15,
2011.
First Tranche Finders Fees
Glass Earth also announced that it has paid to finders, in
respect of the first tranche closing announced December 28, 2010, a
cash commission of 8% of the funds raised through the efforts of
finders. In addition, Glass Earth issued to the first tranche
finders a total of 534,640 Compensation Warrants. Each Compensation
Warrant has the same terms and conditions as the Units issued
pursuant to the second and third tranche closings.
The Compensation Warrants issued pursuant to the first tranche
are subject to a four-month hold period expiring April 24,
2011.
The Private Placement has now been fully completed and the net
proceeds from the C$4,066,490 will be used for mineral exploration
and general working capital purposes.
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 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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