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TSX VENTURE: GNH
PINK SHEETS: GOLHF
MONTREAL, Nov. 21, 2012 /CNW/ - Golden Hope Mines Limited ("Golden Hope" or the "Company") (TSX VENTURE: GNH) (Pink Sheets: GOLHF) - Golden Hope Mines Limited is pleased to announce that it has closed an amount of approximately $794,304 of its non-brokered private placement financing announced on October 22, 2012.
The private placement consists of 5,147,000 flow-through common shares issued at a price of $0.125 and 1,676,984 common shares issued at a price of $0.09 for gross proceeds in the amount of approximately $794,304.
In connection with the private placement, the Company paid total fees to finders of $60,905. The Company also issued non-transferable Finder's Warrants entitling certain finders to purchase up to 523,156 common shares of the Company at an exercise price of $0.10 per common share for a period of 18 months from the date of closing.
Under applicable securities legislation and policies of the TSX Venture Exchange, the securities issued or issuable in the private placement are subject to a hold period expiring on March 20, 2013.
The proceeds of the financing will be used to continue the exploration and drill campaign announced on August 20, 2012 on the Bellechasse Belt of southeastern Quebec as well as for general working capital purposes.
The Company may complete one or more additional closings of flow-through common shares and/or common shares pursuant to this private placement financing.
Shares for Debt Settlement:
Golden Hope is also pleased to announce that it has issued 301,000 common shares to settle outstanding debt of $27,120 with a creditor. The securities issued in exchange for debt are restricted from trading until March 20, 2013.
About Golden Hope:
Golden Hope is a mineral exploration company that seeks to grow shareholder value through the acquisition, exploration and development of potentially large-scale gold and base metal projects suitable for underground and/or open-pit mining. The Company's focus is in southeastern Québec, Canada. The Company's claim blocks lie within an area that extends approximately 100 kilometres along the Appalachians of southern Québec from near Ste-Lucie-de-Beauregard to approximately 16 kilometres southwest of Beauceville. The Bellechasse-Timmins gold deposit lies 5 kilometres southeast of St-Magloire within the Bellechasse Belt, an approximately 18 kilometre long mineralized area. The Bellechasse-Timmins gold deposit includes the T1, T2A, T2B, Ascot/Road gold zones, and the 88 Diorite. The Company is also looking to develop the Champagne zone, a partially explored base metal and gold deposit that lies within the Company's Bellechasse Belt claims. A recently completed VTEM survey may identify other similar targets along the horizon. The Company is also working to develop other targets within its claim blocks including the FSG gold and base metal target, Chute du Bras, the LG showing, Moose Cliff, and Talon. For further information on Golden Hope please visit www.goldenhopemines.com.
Statements Regarding Forward-Looking Information: Information set forth in this news release by Golden Hope Mines Ltd. may contain forward-looking information within the meaning of Canadian securities laws. Forward-looking information includes statements that relate to future, not past, events. In this context, forward-looking information often addresses the Company's expected future business and financial performance, and often contains words such as "anticipate", "believe", "plan", "estimate", "expect" and "intend", statements that an action or event "may", "might", "could", "should" or "will" be taken or occur, or other similar expressions (including negative and grammatical variations). Such information includes the use of the net proceeds from the financing by the Company. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the following risks: the risks associated with any outstanding litigation; risks associated with exploration activities and project development; timing of and unexpected events regarding the receipt and interpretation of drilling and assay results; delays in the preparation of resource estimate updates; the need for additional financing; operational risks associated with mineral exploration; fluctuations in gold and other commodity prices; title matters; technical and permitting issues; environmental liability claims; insurance matters; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume; the impact of taxation; and general economic conditions. Forward-looking information is based on management's beliefs, estimates and opinions on the date hereof and the Company undertakes no obligation to update any forward-looking information if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking information.
SOURCE: Golden Hope Mines Limited
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