|By Marketwired .||
|April 24, 2014 12:17 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/24/14 -- Granite Creek Gold Ltd. (TSX VENTURE:GCX)(the "Company") is pleased to announce that it has closed the previously announced non-brokered private placement of 5,000,000 units at a price of $0.05 per unit for proceeds totalling $250,000. Each unit consists of one common share and one half of a transferrable 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 eighteen months from the date of issue at an exercise price of $0.07. The Company received TSX Venture Exchange ("TSXV") approval for the private placement on April 22, 2014. 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, investor relations 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.
The Company is also pleased to announce that it has retained FronTier Merchant Capital Group ("FronTier") for Investor Relations Services. FronTier is an experienced and reputable Investor Relations group with a home office in Toronto, Canada. FronTier will assist the Company by increasing market awareness utilizing a number of financial market communications initiatives. The core of which will be facilitating in-person introductions for the Company with institutional and retail brokers and investors in a number of cities across Canada, the US, Europe and Australasia.
FronTier has been retained for a 12 month period, commencing April 22, 2014 at $5,000 per month plus direct expenses. The Agreement may only be terminated after 6 months from commencement by either party on 30 days advance written notice.
Frontier and its principal(s) have purchased 1,600,000 units in this private placement.
The Company has agreed, subject to TSXV approval, to grant FronTier stock options for the purchase of up to 250,000 common shares of the Company's capital stock for a period of five years at a price of $0.10 per share in accordance with the Company's Stock Option Plan and to vest according to TSXV policy.
About Granite Creek Gold
Granite Creek is a Vancouver based exploration company in the business of acquiring and carrying out exploration on mineral properties, especially those with precious metals potential, with the goal of establishing a mineable mineral resource. Granite Creek's Canadian projects consist of the gold/copper/molybdenum Taseko Property, 225 km north of Vancouver, BC, on which it has an option to acquire a 70% interest; the 100% owned 654 ha Railway Property, a copper project in the highly prospective Stikine arch area of northwestern BC; and the 5611 ha Troitsa Property, a copper/molybdenum/gold/silver property located in central BC, on which it has an option to acquire a 100% interest. The Company also has an option to acquire a 100% interest in the 75 sq km Darsalam gold concession in Mali, West Africa.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to regulatory approvals, exploration programs, and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the Company's ability to obtain regulatory approval and to complete its exploration programs on schedule and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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.
Granite Creek Gold Ltd.