Gold Reach Resources Ltd. Announces $2,000,000 Non Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/24/13 -- Gold Reach Resources Ltd. (the "Company") (TSX VENTURE: GRV) announces it has arranged a non-brokered private placement unit offering ("Units") of 2,000,000 Units at a price of $1.00 per Unit raising gross proceeds of $2,000,000. Each Unit is comprised of one common share of the Company and one common share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to purchase one non-transferable share purchase warrant at an exercise price of $2.00 per share for a period of one year from the closing date of the unit offering.
Each Warrant is subject to accelerated expiry provisions such that if at any time after the date of closing of the private placement, the Company's common shares trade on the TSX Venture Exchange at or above a weighted average trading price of $2.50 per share for 10 consecutive trading days, the Company may give notice to the holders that each Warrant will expire 30 days from the date of providing such notice.
The proceeds of the financing will be used to continue exploration on the Ox and Seel deposits at the Company's 100% owned Ootsa property in British Columbia and for general working capital.
The foregoing is subject to regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS
Conrad Swanson, Chairman
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Safe Harbor Statement: The Company relies upon litigation protection for "forward-looking statements." The Company undertakes no obligation to update these forward- looking statements in the managements beliefs, estimates obligations or other factors should change.
Contacts:
Gold Reach Resources Ltd.
604-718-5454
Toll Free: 888-500-4587
info@goldreachresources.com
Don Mosher
604-685-6465
Don@bdcapital.com
