GBN: TSX Venture Exchange
SASKATOON, Nov. 22 /CNW/ - Golden Band Resources Inc. (GBN:TSXV, the
"Company") announced today that it will conduct a best-efforts non-brokered
flow-through private placement of up to 10,000,000 of its common shares at a
price of $0.50 per share for gross proceeds of up to $5,000,000. The proceeds
of the sale of the flow-through shares will be used to fund exploration work
on the Company's La Ronge gold belt projects, including the underground
exploration program that is currently underway at the Company's 100%-owned
Bingo deposit, and for winter drilling.
Golden Band will pay a cash fee of up to 7% of the gross proceeds of this
private placement that are raised by finders.
Certain directors and officers are expected to participate in the private
placement on the terms set forth above and such participation has been
approved by the independent directors of the Company. The Company is relying
upon an exemption from the related party requirements of OSC Rule 61-501.
This financing is subject to the normal regulatory approval of the TSX
Venture Exchange. The securities offered hereby will be subject to a
four-month plus one-day hold period from the closing date in accordance with
applicable securities laws.
About Golden Band
Golden Band Resources is a well-financed, Saskatchewan-based, publicly
listed company (GBN:TSXV) whose focus is the long-term, systematic exploration
and development of its 100%-owned La Ronge Gold Belt properties. Since 1994,
Golden Band has assembled through staking and strategic acquisition a land
package of more than 750 km(2), including ten known gold deposits, four former
producing mines, and a licensed gold mill. The Company's near-term goals call
for development and production from the Bingo, Komis, and EP deposits with
processing at the Company's 100%-owned Jolu mill - a project that has received
a positive Preliminary Economic Assessment (scoping study) on April 19, 2007.
Longer-term objectives include production from the Company's other deposits
and the continuation of its highly successful exploration and acquisition
On behalf of the Board of Directors of
Golden Band Resources Inc.,
"Rodney G. Orr"
Rodney G. Orr, P.Geo., President & CEO
All of Golden Band's exploration programs and pertinent disclosure of a
scientific nature are prepared and/or designed and carried out under the
supervision of Frank Hrdy, P.Geo., Golden Band's VP Exploration, who serves as
the qualified person (QP) under the definitions of National Instrument 43-101.
All of Golden Band's development-related programs and pertinent disclosure of
a development nature are prepared and/or designed and carried out under the
supervision of Gary Haywood, P.Eng., Golden Band's VP of Operations, who
serves as the qualified person (QP) under the definitions of National
Cautionary Statements on Forward-Looking Information: The statements made
in this News Release may contain certain forward-looking information. Actual
results may differ materially from those currently anticipated in such
statements. Certain risk factors may also affect the actual results achieved
by the Company.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Golden Band Resources Inc.: Rodney Orr,
President, (306) 955-0787 extension 13, email@example.com;
Motivia Communications: Roger Francis, (306) 242-0694, toll free: