WELLINGTON, NEW ZEALAND--(Marketwire - Oct. 5, 2012) - Glass Earth Gold Limited (TSX VENTURE:GEL)(GEL.NZ) ("Glass Earth") announced today that it has completed a non-brokered private placement financing for gross proceeds of C$360,000.
The proceeds of this private placement will primarily be used to provide for exploration and acquisition activities.
The private placement consists of 1.8 million Units at a price of C$0.20 per Unit. Each Unit consists of one common share and one common share purchase Warrant. Each Warrant entitles 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 a cash finder's fee of $21,600 and issue non-transferable finder's warrants ("Finders' Warrants") to acquire 108,000 Units in connection with the private placement. Each Finders' Warrant entitles 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 are subject to a hold period of four months plus one day from the date of issuance.
The Private Placement is subject to acceptance by the TSX Venture Exchange.
About Glass Earth Gold
Glass Earth Gold is one of New Zealand's most active gold exploration companies with landholdings proximal to world-class gold deposits and cash flow from its wholly owned placer projects. With an experienced geological team the Company is exploring promising gold prospects across both the North and South Islands. The Company held a net cash position of C$1.0 million at the end of Q2 2012.
In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki Region, akin to the 10Moz gold equivalent Martha Hill mine, (Newmont Mining).
In the Hauraki Region, Glass Earth Gold has identified and developed significant ground positions around the active Martha Hill gold mine operations at Waihi. The Newmont-Glass Earth Gold Waihi West JV (Newmont earning in) and Hauraki JV (65/35), including drilling at the WKP discovery, are being actively explored and managed by Newmont in collaboration with Glass Earth Gold.
Glass Earth Gold has also defined several significant epithermal gold targets to independently explore in this region, including the Muirs Reef Gold project.
In the South Island, exploration efforts are focused on the Otago Region, home to OceanaGold's 7Moz Macraes Goldfield, for identification of mesothermal "Macraes-style" gold targets and revenue generation through placer (alluvial) gold production.
Mr Simon Henderson, MSc Geology (CODES), an AusIMM Chartered Professional under the Discipline of Geology; is a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, has reviewed and approved the technical information given in this press release.
For more information on Glass Earth Gold, please visit www.glassearthgold.com.
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