Glass Earth to Raise Up to C$5 Million
September 16 2011 - 7:30AM
Marketwired
Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass
Earth") announced today that it is undertaking a Private Placement
financing for gross proceeds of up to C$5,000,000.
The non-brokered Private Placement will consist of approximately
9.1 million Units at a price of C$0.55 per Unit. Each Unit will
consist of one common share and one half of a common share purchase
Warrant. Each whole Warrant will entitle 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.
Glass Earth will pay Finders a cash finder's fee of 7% of the
funds raised. In addition, Glass Earth will issue to qualified
Finders, non-transferable finder's warrants ("Finders' Warrants")
to acquire Units in the amount that is equal to 7% of the number of
Units sold. Each of the Finders' Warrants will entitle the holder
to acquire one Unit of Glass Earth having the same terms and
conditions as the Units sold.
All of the Units and Finders' Warrants issued will be subject to
a four month hold period.
The Private Placement is subject to acceptance by the TSX
Venture Exchange. The proceeds of this financing will be used for
drilling, 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 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).
Hauraki Region - Glass Earth occupies a significant ground position
adjacent to the Waihi/Martha Gold Mine; The Newmont-Glass Earth Waihi
West JV (Newmont earning 65%) and Hauraki JV (North and Central Areas -
65/35) are currently being explored and managed by Newmont.
Central Volcanic Region - Glass Earth has defined several significant
epithermal gold targets in this region including the Muirs Reef project
(Mamaku district).
In the South Island, exploration efforts are focused on the
Otago Region for mesothermal "Macraes-style" gold targets and
placer/alluvial gold.
Visit the Company's website at www.glassearthgold.com.
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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