Goldspike Announces $500,000 Non-Brokered Private Placement
July 09 2014 - 2:26PM
Goldspike Exploration Inc. (TSX-V:GSE)
("
Goldspike") is pleased to announce that it
intends to complete a non-brokered private placement financing with
Norvista Capital Corporation ("
Norvista") for
3,333,333 common shares in the capital stock of Goldspike (the
"
Shares") at a price of $0.15 per Share for gross
proceeds of $500,000 (the "
Offering"). Goldspike
intends to use the net proceeds from the Offering to fund continued
exploration on Goldspike's assets and for general working capital
purposes.
The Shares issued pursuant to the Offering will be subject to a
four month and one day statutory hold period.
R. Bruce Durham, President and Chief Executive Officer of
Goldspike, and Donald H. Christie, Chief Financial Officer and
Secretary of Goldspike, both also serve as directors of Norvista.
As such, the Offering is a "related party transaction" for the
purposes of Multilateral Instrument 61-101 – Protection of Minority
Security Holders in Special Transactions ("MI
61-101"). Goldspike is relying on an exemption from the
minority approval and formal valuation requirements of MI 61-101
due to the fact that the value of the Offering does not represent
greater than 25% of Goldspike's market capitalization. The
independent directors of Goldspike approved the Offering and
Messers. Durham and Christie abstained from voting on the approval
of the Offering. Other than Mr. Durham and Mr. Christie, no
director of Goldspike abstained from voting on the Offering.
The Offering is subject to certain conditions including, but not
limited to, the receipt of all necessary approvals, including the
approval of the TSX Venture Exchange ("TSX-V") and
applicable securities regulatory authorities.
CAUTIONARY STATEMENT: Neither the TSX-V nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX-V) accepts responsibility for the adequacy or accuracy of this
release. This news release contains forward-looking information
which is not comprised of historical facts. Forward-looking
information involves risks, uncertainties and other factors that
could cause actual events, results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking information. Forward looking information in
this news release includes, but is not limited to, Goldspike's
objectives, goals or future plans, including successful completion
of the Offering. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, changes in general economic conditions and
conditions in the financial markets; changes in demand and prices
for minerals; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments, and
those risks set out in Goldspike's public documents filed on SEDAR.
Although Goldspike believes that the assumptions and factors used
in preparing the forward-looking information in this news release
are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. Goldspike disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
CONTACT: For further information contact:
Goldspike Exploration Inc.
4 King Street West, Suite 1500
Toronto, Ontario, M5H 1B6
Tel: (416) 504-8821
Bruce Durham, President and CEO
bdurham@goldspike.ca