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VANCOUVER, Oct. 6 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the "Company") is pleased to announce that it has negotiated a commercially reasonable efforts private placement with Canaccord Capital Corporation (the "Agent") for up to 4,000,000 units (the "Units") at a price of $0.51 per Unit for gross proceeds of up to $2,040,000 (the "Offering").
Each Unit will consist of one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to subscribe for one additional Common Share at a price of $0.64 for a period of 18 months from the date of closing of the Offering (the "Closing").
The Units will be made available by way of private placement exemptions to accredited investors (as such term is defined by National Instrument 45-106 - Prospectus and Registration Exemptions) in Canada and in certain exempt jurisdictions outside of Canada as may be agreed upon by the Company and the Agent.
Closing of the Offering is anticipated to occur on or before October 28, 2009 and is subject to the receipt of all necessary corporate and regulatory approvals including approval of the TSX. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The funds raised from the issuance of the Units will be used for general exploration expenditures on its La Fortuna and Golden Cateo properties in Argentina and for general working capital purposes.
The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading "Risk Factors" in the company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
SOURCE GOLDEN PEAKS RESOURCES LTD.
For further information: For further information: Media Information, contact: Scott Emerson, Chairman and Director, SE@goldenpeaks.com; Investor Information, contact: Mike Kordysz, Investor Communications, MK@goldenpeaks.com