VANCOUVER, Dec. 8 /CNW/ - Centerpoint Resources Inc. ("Centerpoint") announces that it has acquired 20,000,000 units ("Units") of Grandview Gold Inc. ("Grandview") pursuant to a private placement (the "Private Placement"). Each Unit consists of one common share and one common share purchase warrant (the "Warrants"). The Units were acquired at a purchase price of CDN$0.075 per Unit representing an aggregate purchase price of CDN$1,500,000.
Following the Private Placement, the common shares owned by Centerpoint represent 27.91% of the issued and outstanding common shares of Grandview. Assuming the exercise of the Warrants, Centerpoint would own 40,000,000 common shares, or 43.64% of the issued and outstanding common shares of Grandview.
The Units of Grandview were acquired by Centerpoint for investment purposes. Depending upon market conditions and other factors that Centerpoint may deem material to its investment decisions, additional shares may be purchased in the open market or in private transactions. Depending on these same factors, shares currently owned (or hereafter acquired) by Centerpoint may be sold in the open market or in private transactions.
SOURCE CENTERPOINT RESOURCES INC.
For further information: For further information: concerning the foregoing or a copy of the Early Warning Report referred to in this release, please contact: Jack Austin, Centerpoint Resources Inc., Tel: (604) 681-8817