VANCOUVER, April 1 /CNW/ - Golden Peaks Resources Ltd. (TSX: GL) (the "Company" or "Golden Peaks") is pleased to report that it has
completed the acquisition (the "Acquisition") of Reliance Resources Limited ("Reliance") effective
March 31, 2011, pursuant to which the Company acquired all of the
outstanding shares of Reliance in consideration for the issuance of
approximately 62.7 million shares.
William Lee and Kieran Downes have resigned as directors of the Company
and have been replaced with Gary Lewis, John Levings and Ian Mitchell.
Kieran Downes has also resigned as President and Chief Executive
Officer and has been replaced by Gary Lewis as Chief Executive Officer.
Scott Emerson has resigned as Chairman and has been replaced by Gary
Lewis as Chairman. Scott Emerson has been appointed as President.
Management would like to thank Messrs Downes and Lee for their valuable
contributions to the Company over the years.
Concurrent with the closing of the Acquisition, the Company also
announces that the 4,000,000 subscription receipts that were issued
under the Company's brokered private placement that closed on March 1,
2011 which raised gross proceeds to the Company of $2,000,000 will now
automatically be exchanged into 4,000,0000 common shares and 2,000,000
share purchase warrants of the Company. Each warrant entitles the
holder to acquire one common share of the Company at an exercise price
of $0.65 until March 1, 2012. The gross proceeds of the Financing which
had been held in escrow have now been released to the Company.
Macquarie Private Wealth Inc. (the "Agent") was engaged by the Company
as the agent in connection with the Financing. The Company has paid to
the Agent a cash commission of $140,000 from the proceeds of the
Financing held in escrow and has issued to the Agent non-transferable
warrants that entitle the Agent to acquire up to 250,000 common shares
of the Company at an exercise price of $0.65 per common share at any
time until March 1, 2012.
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.
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