Gold Bullion Closes First Tranche of Private Placement
(via Thenewswire.ca)
April 24, 2012 - Gold Bullion Development Corp. (TSXV: GBB) (OTCPINK:
GBBFF) (the "Company" or "Gold Bullion") is
pleased to announce that it has closed the first tranche of a
non-brokered private placement announced on April 13, 2012, by the
issuance of 8,133,227 units at a price of $0.15 per unit to raise
gross proceeds of $1,219,984.05. Each unit consists of one
flow-through common share in the capital of the Company and one-half
of a non-transferable share purchase warrant, each whole warrant
entitling the holder to purchase one additional non-flow-through
common share in the capital of the Company on or before April 23,
2013, at a purchase price of $0.175 per share.
In connection with certain subscriptions of the private placement, the
Company paid finders' fees to Meadowbank Asset Management Inc.
consisting of $87,998.72 in cash and non-transferable share purchase
warrants to purchase 586,658 non-flow-through common shares in the
capital of the Company, exercisable on or before April 23, 2013 at a
purchase price of $0.175 per share. The cash commission was paid from
unallocated working capital of Gold Bullion and not from the proceeds
from the sale of the Units.
All securities issued by the Company pursuant to the private placement
are subject to a hold period of four months and one day and cannot be
resold until August 25, 2012.
Proceeds of the Private Placement will be used to incur expenditures
on the Company's Granada Gold Mine which qualify as Canadian
exploration expenses.
About Gold Bullion Development Corp.
Gold Bullion Development Corp. is a TSX Venture-listed junior natural
resource company focusing on the exploration and development of its
Granada Property near Rouyn-Noranda, Quebec. Additional information
on the company's Granada gold property is available by visiting their
website at www.GoldBullionDevelopmentCorp.com and on SEDAR.com.
For further information contact:
Frank J. Basa, P.Eng., President and CEO at 1-514-397-4000 or
Progressive Investor Relations (Canada) at (604) 689-2881 or via
email: info@progressive-ir.com
Neither the TSX Venture Exchange nor its Regulation Service Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming
work programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated in such statements.
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