|By Marketwired .||
|July 4, 2014 04:05 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/04/14 -- Goldeye Explorations Limited (TSX VENTURE: GGY) ("Goldeye" or "the Company") is pleased to announce completion of the second tranche of a previously announced partially brokered private placement resulting in a further $70,000 from the sale of an additional 700,000 flow-through shares. The first and second tranche together resulted in total gross proceeds of $355,000 from the sale of 3,050,000 flow-through shares at $0.10 per share and 500,000 non-flow-through units at $0.10 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one non-flow-through common share at a price of $0.18 for a period of 24 months from the date of issue, subject to possible acceleration if the trading price exceeds $0.30 for 14 consecutive trading days.
Goldeye paid a total of $23,450 cash commissions in connection with both tranches. All of the securities are subject to a four month hold period expiring between May 23, 2014 and June 12, 2014. The proceeds of the flow-through financing will be used to incur mineral exploration on Goldeye's Weebigee Project qualifying as Canadian Exploration Expense (CEE) under the Income Tax Act (Canada), enabling the subscriber to obtain applicable tax credits and deductions. The proceeds of the non-flow-through financing will be used to pay commissions and costs of the private placements and for general administrative expenses, overhead, and working capital.
Goldeye also wishes to announce that it held its annual meeting of shareholders on July 3, 2014. Blaine Webster, J. Richard Dean and Jorma Hannila were re-elected as directors of the Company. The Company is currently conducting a search for two qualified directors to fill the vacancies created by the two directors who failed to stand for re-election. McGovern, Hurley, Cunningham, LLP, Chartered Accountants were re-appointed as auditors of the Company.
On behalf of the Board of Directors,
Blaine Webster, P.Geo., President and CEO
About the Weebigee Project
Goldeye's 100% owned Weebigee Project is located 227 kilometres north of Red Lake in Northwestern Ontario and comprises 363 claims totaling approximately 6,000 hectares. The NW Arm claim block covers approximately 20% of the total project area and hosts the highest density of gold showings in the Sandy Lake Greenstone Belt.
During February and March 2014, Goldeye completed its planned phase 1 drill program at Weebigee. Twenty-three holes were drilled in the NW Arm area for a total of 2,219 m. The program confirmed the presence of significant gold mineralization at the Knoll, Bernadette and RvG4 Zones. Highlights included: 12.86 g/t Au over 6.85 metres core length in hole BK-14-03 (Bernadette), 12.45 g/t Au over 3.5 metres core length in hole BK-14-05 (Knoll), and 23.15 g/t Au over 3.97 metres core length in hole BK-14-18 (RvG4). Visible gold was noted in 50% of the drill holes.
The project is adjacent to Sandy Lake First Nation (population approx. 3,000) which has excellent infrastructure including an airport with daily direct flights to Winnipeg, Red Lake and Sioux Lookout and winter road connection to Red Lake. All weather access roads are located within one kilometre of the Knoll, Bernadette and RvG4 areas. In November 2013, Goldeye and Sandy Lake First Nation signed a comprehensive Exploration Agreement in regards to the project. Goldeye is pleased to have a strong, mutually beneficial relationship with the people of Sandy Lake First Nation.
Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions having long traditions of mining. Weebigee is Goldeye's flagship project in Canada. Goldeye also holds a 24.5% interest in the Todd Property in British Columbia's Golden Triangle, a 100% interest in the Gold Rock and West Shining Tree properties in Ontario, and additional claims in Tyrrell Twp. In Chile, Goldeye owns 100% of the Sonia-Puma property located 180 km north of Santiago. There are 42,353,597 common shares of Goldeye issued and outstanding.
Additional information can be found at www.goldeye.ca.
Neither 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.