Golden Chalice Resources Increases and Closes Private Placementadmin
Golden Chalice Resources Inc. is pleased to announce, subject to TSX Venture approval, the amendment and closing of a private placement announced October 14, 2009. The total number of units has been increased from 10,000,000 to 16,252,667 for total proceeds of $2,052,020.00. The units are priced at $0.12 per non flow through unit and $0.14 per flow through unit. Each unit consists of one flow through or non flow through common share and one non flow through, non-transferable share purchase warrant entitling the holder to purchase one additional common share at a price of $0.15 per share for the first year and $0.30 for the next four years. The Company may give written notice that the Warrants will expire in 30 days if the Company’s shares trade at or above $0.50 for 10 consecutive trading days. Shares issued in the private placement are subject to a four month hold period. In accordance with Exchange policies, finders’ fees may be paid on a portion of the funds raised.
Proceeds from the private placement will be used for exploration expenditures on the Company’s Timmins West and Abitibi East Gold projects and other Timmins camp projects as well as for general working capital.