TSX VENTURE EXCHANGE: GBM
TORONTO, Dec. 5, 2013 /CNW/ - Golden Bridge Mining Corporation ("Golden
Bridge" or the "Company") (TSX-V: GBM), a company listed on the TSX
Venture Exchange (the "TSXV"), is pleased to announce that it has
completed its non-brokered private placement financing (the "Offering")
for total gross proceeds of $340,900 consisting of 174,000 flow-through
common shares (the "Flow-Through Shares") at a price of $0.35 per
Flow-Through Share for gross proceeds to Golden Bridge of $60,900, and
$280,000 principal amount of unsecured convertible debentures (the
The Convertible Debentures will mature on December 5, 2016 (the
"Maturity Date"), will bear interest at a rate of 8.0% per annum
payable semi-annually, and will be convertible into common shares at
the holder's option at any time prior to the Maturity Date at a
conversion price of $0.35 per common share.
The net proceeds of the Offering will be used to fund Golden Bridge's
mineral exploration programs and for general working capital purposes.
Cash fees equal to up to 8% of the aggregate gross proceeds raised
under the Offering are payable as finder's fees to certain persons at
arm's length to Golden Bridge.
As disclosed in a press release dated October 30, 2013, one existing
insider participated in the Offering namely, Charles Qin, the Chief
Executive Officer and a director of Golden Bridge. By virtue of Mr.
Qin's participation, the Offering constitutes a "related party
transaction" under applicable securities laws. The Company released a
material change report on November 4, 2013 including details with
respect to the related party transaction less than 21 days prior to the
anticipated closing date, which the Company deemed reasonable in the
circumstances so as to be able to avail itself of potential financing
opportunities and complete the Offering in an expeditious manner.
Because the related party transaction was not expected to exceed
specified limits, constituted a distribution of securities for cash,
and because the Company is not listed on certain specified exchanges,
neither a formal valuation nor minority shareholder approval was
required in connection with the Offering.
The Flow-Through Shares and Convertible Debentures are subject to
statutory resale restrictions until April 6, 2014. Closing of the
Offering remains subject to receipt of regulatory approval, including
final approval of the TSXV.
About Golden Bridge
Golden Bridge is a corporation incorporated under the laws of the
Province of Ontario and is engaged in mineral resource exploration and
development in Canada. The Company is classified as a Tier 2 "Mineral
Exploration" issuer company listed on the TSXV.
The TSX Venture Exchange Inc. has in no way passed upon the merits of
the proposed transaction and has neither approved nor disapproved the contents of this press release.
Statements in this press release may contain forward-looking
information. Any statements that are contained in this press release
that are not statements of historical fact may be deemed to be forward
looking statements. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "expects" and similar
expressions. Forward-looking information in this press release includes
statements with respect to the expected use of proceeds from the
Offering and the Offering being exempt from minority approval and
formal valuation requirements pursuant to applicable securities laws.
The reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the control
of Golden Bridge. The reader is cautioned not to place undue reliance
on any forward-looking information. Such information, although
considered reasonable by management at the time of preparation, may
prove to be incorrect and actual results may differ materially from
those anticipated. Forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made
as of the date of this press release, and Golden Bridge does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly required
by securities law.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED
ON BEHALF OF THE BOARD
Charles Qin, Chief Executive Officer and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Golden Bridge Mining Corporation
For further information:
Golden Bridge Mining Corporation
Chief Executive Officer and Director
1020 Denison Street,
Markham, Ontario, Canada
Telephone: (905) 604-2351
Facsimile: (905) 604-2391