Glass Earth Announces Private Placement
June 15 2012 - 8:34AM
Marketwired Canada
Glass Earth Gold Limited (TSX VENTURE:GEL)(NZAX:GEL) ("Glass Earth") announced
today that it is undertaking a non-brokered private placement financing for
gross proceeds of up to C$2,200,000.
The proceeds of this private placement will primarily be used to finance the
purchase of 50% of the placer gold operations announced on March 15, 2012,
bringing Glass Earth Gold's ownership to 100%. This allows for improved planning
and coordination of activities so that all 3 sites with mining permits can be
operating. It will also provide working capital for the operations.
Placer gold operations are expected to generate up to $2 million in 2012 and up
to $6 million in cash in 2013, thereby covering general and administrative
expenses and a large portion of exploration costs.
The private placement will consist of up to 11 million Units at a price of
C$0.20 per Unit. Each Unit will consist of one common share and one common share
purchase Warrant. Each Warrant will entitle the holder to purchase one common
share at a price of C$0.35 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 6% of the funds raised. In
addition, Glass Earth will issue to qualified Finders, non-transferable finder's
warrants ("Finders' Warrants") to acquire Warrants in the amount that is equal
to 6% 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.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold exploration companies
exploring a land position of approximately 10,000 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), including
drilling at the WKP discovery, is being actively explored and managed by Newmont
in concert with Glass Earth Gold.
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 anne@chfir.com and mention "Glass
Earth news" in the subject line.
http://glassearthgold.com/i/newsreleases/2012/Images/GEGLPR_15Jun12_Map1.jpg
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