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| Home : Granite Creek Closes $104,000 Non-Brokered Private Placement |
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Oct 10
2013 |
Granite Creek Closes $104,000 Non-Brokered Private Placement |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 10, 2013) - Granite Creek Gold Ltd. (the "Company") (TSX VENTURE:GCX) is pleased to announce that it has closed the previously announced non-brokered private placement of up to 3,000,000 units at a price of $0.05 per unit. Due to market conditions the Company has chosen to close placement at 2,080,000 units for gross proceeds of approximately $104,000. Each unit will consist of one common share and one half of a common share purchase warrant. Each full common share purchase warrant will be exercisable for one common share of the Company's capital stock for a period of two years from the date of issue at an exercise price of $0.10 during the first year and at $0.15 during the second year. The warrant terms are also subject to the Company's right to accelerate the expiry of the warrants if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange (TSXV) is equal to, or exceeds $0.25 (year one) or $0.30 (year two) for a period of 20 consecutive trading days during the term of the warrant. The Company received TSXV approval for the private placement on October 9th, 2013. The Company will pay finder's fees and issue finder's warrants in connection with a portion of the private placement. The net proceeds from the placement will be used by the Company for operations and general working capital purposes. All shares, warrants and any shares issued upon exercise of warrants are subject to a hold period and may not be traded in British Columbia until four months and one day from the date of issue, except as permitted by the applicable Securities Acts and the Rules made thereunder and the TSXV. |
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| Source:http://www.marketwired.com/mw/release.do?id=1840113&sourceType=3 |
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