Golden Chalice to raise $1.2-million for exploration
2009-10-14 09:25 ET - News Release
Mr. Alan Campbell reports
GOLDEN CHALICE RESOURCES ANNOUNCES PRIVATE PLACEMENT
Golden Chalice Resources Inc. has arranged for a private placement of up to 10 million
units. The financing will consist of non-flow-through units priced at 12 cents per unit and
flow-through units priced at 14 cents per unit. Each of the units will consist of one
flow-through or non-flow-through common share and one non-flow-through,
non-transferable share purchase warrant entitling the holder to purchase one additional
common share for four years at a price of 15 cents per share in the first year and 30 cents
per share for the remaining three years. The company may give written notice that the
warrants will expire in 30 days if the company's shares trade at or above 50 cents for
10 consecutive trading days. In accordance with exchange policies, finders fees may
be paid on the funds raised. The private placement is subject to regulatory approval.
Funds raised will be used for exploration on the company's Ontario and New Brunswick
properties as well as general working capital. Exploration will focus primarily on potential
gold targets in areas with geology similar to existing gold discoveries such as Lake Shore
Gold/West Timmins Mining's recent drill hole intercept of 12.75 grams per tonne (g/t) gold
over 83.4 metres (West Timmins news in Stockwatch June 24, 2009).
We seek Safe Harbor.
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