Golden Valley Mines: Over CDN$1.3 Million Raised from the Closing of Two Offerings.MONTREAL -- Golden Valley Mines Ltd. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:GZZ GZZ Garcia-Zhong-Zhao Coding Scheme ) announces that it has closed two separate offerings totaling $1,318,950 in gross proceeds through the issuance of 4,396,500 units at a price of $0.30 per unit.Each unit consists of one common share and one half of a warrant.Each whole warrant entitles the holder to acquire one common share of the Corporation at a price of $0.35 for a period of 12 months, and thereafter at a price of $0.40, expiring 24 months from closing. A total of 3,896,500 units were issued to Blackmont Capital Corp. and Canaccord Capital Corp. for gross proceeds of $1,168,950 pursuant to a brokered Short Form Offering Document in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography and Alberta, and by way of a private placement in Ontario.Blackmont and Canaccord acted as agents with respect to this financing and received a commission equal to 8% of the gross proceeds raised, a corporate finance fee of $25 000 (plus GST GST abbr. Greenwich sidereal time GST (in Australia, New Zealand, and Canada) Goods and Services Tax ), a portion of which was satisfied by the issuance of 44,583 units, and 584,475 Agent's Warrants. Each Agent's Warrant is exerciseable at a price of $0.30 for a period of 12 months from closing and thereafter at a price of $0.35 for an additional 12 months. Additionally, and given that the Corporation is becoming more active on its James Bay James Bay, shallow southern arm of Hudson Bay, c.300 mi (480 km) long and 140 mi (230 km) wide, E central Canada, in Nunavut Territory between Ont. and Que. Numerous rivers flow into the bay; many of these have been developed for hydroelectric power in Quebec (see properties, the Corporation issued 500,000 units to Societe de Developpement de la Baie La Baie (lə bī), city (1991 pop. 20,995), S Que., Canada, on Ha! Ha! Bay, an arm of the Saguenay River. Formed by the amalgamation of Bagotville, Port Alfred, and the parishes of Grande-Baie and Bagotville, La Baie has a natural harbor that James (the "SDBJ SDBJ San Diego Business Journal "), for gross proceeds of $150,000.The funds will be allocated to the completion of the Corporation's 2005 ground reconnaissance program in James Bay, and to the planning of the Corporation's Phase II 2006 James Bay program.SDBJ's mission is to favour the economic development in the James Bay region, as defined between the 49th and the 55th northern parallel. The SDBJ relies on an investment fund, part of which is devoted to the financing of junior exploration companies, as a contribution to the renewal of mineral resources and to an increase in total exploration expenditures in the James Bay region.Golden Valley paid an administrative fee to SDBJ equal to 2% of the gross proceeds raised (totaling $3,450.75 inclusive of taxes). The securities issued pursuant to the SDBJ private placement, plus those issued by way of private placement in Ontario and to certain restricted purchasers under the Short Form Offering Document, are subject to a hold period of four months and one day from the date of closing. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this release. Golden Valley Mines Ltd. (TSX VENTURE:GZZ) |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion