GMG:TSX.V
VANCOUVER, Feb. 28 /PRNewswire/ - Gulfside Minerals Ltd.
("Gulfside" or the "Company") (TSX-V: GMG) wishes to announce that
it has arranged a non-brokered private placement of up to 3,000,000
flow-through units ("FT Units") at a price of $0.10 per FT Unit and 4,000,000 non flow-through
units ("NFT Units") at a price of $0.10 per NFT Unit for total proceeds of
$700,000. Each FT Unit shall consists
of one flow-through common share a (a "FT Share") and one-half of
one whole share purchase warrant ("FT Warrant"). Each FT Warrant
entitles the holder to purchase one common share ("FT Warrant
Share") at a price of $0.15 per FT
Warrant Share for a period of 12 months following the closing date.
Each NFT Unit shall consist of one common share (a "NFT Share") and
one whole share purchase warrant (a "NFT Warrant). Each NFT Warrant
entitles the holder to purchase one common share ("NFT Warrant
Share") at a price of $0.15 per NFT
Warrant Share for a period of 12 months following the closing
date.
In connection with the private placement and subject to regulatory
approval, the Company may pay finder's fees in accordance with the
policies of the TSX Venture Exchange.
All securities will be subject to a four month hold period.
The proceeds of the flow-through financing will be used to conduct
exploration on its recently-acquired Northern Treasure gold
property, located 120 km south of Atlin,
BC. The claims are on geological trend 12 km from the
Inlaw/Trapper Lake group (a joint venture between Ocean Park
Ventures Ltd. and Constantine Metal Resources Ltd.) and 70 km from
the Golden Bear mine and mine access road which was developed by
Chevron Minerals of Canada.
On the Northern Treasure property, numerous gossans which may be
intensely oxidized, weathered, or decomposed rock, have been
observed over a large area on the claims in images from air photos.
Additionally, a BC Government regional stream sediment sample
returned 602 PPB Gold from Claim # 836803. The Company has started
an analysis of airborne and satellite images as well as historic
information from past exploration, to be followed up by surface
exploration this summer.
The proceeds of the non-flow portion of the financing will be used
for general working capital and in its coal interests in
Mongolia.
Alex Burton, P. Eng. P. Geo. a
Qualified Person as defined by National Instruments 43-101, has
read and approved the technical information in this news
release.
On Behalf of the Board of Directors,
Gulfside Minerals Ltd.
"Robert L. Card"
Robert L. Card
President
"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."
Forward-Looking Statements: This document includes forward-looking
statements. Forward-looking statements include, but are not limited
to, statements concerning GMG's planned exploration program in
Mongolia and British Columbia, and other statements that
are not historical facts. When used in this document, the words
such as "could," "plan," "estimate," "expect," "intend," "may,"
"potential," "should," and similar expressions are forward-looking
statements. Although GMG believes that its expectations reflected
in these forward looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that
actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to
differ from these forward-looking statements are disclosed under
the heading "Risk Factors" and elsewhere in the corporation's
periodic filings with Canadian securities regulators.
SOURCE Gulfside Minerals Ltd.
Copyright . 28 PR Newswire