CALGARY, Aug. 26 /CNW/ - Goldnev Resources Inc. ("Goldnev" or the
"Corporation") (TSX Venture Exchange - "GNZ"), announces
that further to a news release of March 31, 2010, the Corporation has
elected to and is now proposing to increase the amount of its previously
announced non-brokered private placement financing from a maximum of
20,000,000 Units up to a total of 36,000,000 Units, at a price of $0.05
per Unit for gross proceeds of up to $1,800,000. Each Unit will consist
of one common share and one common share purchase warrant. Each full
warrant entitles the holder thereof to purchase one common share of the
Corporation at a purchase price of $0.08 for twelve months from relevant
closing of the sale of Units.
The proceeds from the private placement will be used to pay for a well
recompletion and production testing program on the Corporation's Turner
Valley property and to finance the acquisition of additional working
interests at and funding for the preparation of the pre-feasibility
study on the Corporation's Pasquia Hills oil shale project as well as
for general corporate purposes.
The proposed private placement transaction is subject to the approval of
the TSX Venture Exchange and all securities issued will be subject to a
standard four-month hold period.
The Corporation also announces that it is seeking an extension of the
exercise period of an aggregate of 9,343,750 outstanding share purchase
warrants issued as part of a non-brokered private placement of common
share Units issued between September 14 and November 19, 2009. Pursuant
to the proposed extension, the applicable exercise period will be
extended by to September 14, 2011. The warrant exercise price of $0.12
per share will remain the same. Insiders of the Corporation hold
5,706,500 of the outstanding share purchase warrants subject to proposed
The proposed extension is subject to the acceptance of the TSX Venture
Exchange. The proposed extension and amendment provides Goldnev with an
extended opportunity to receive funding for it conventional and
unconventional oil and gas projects and for general corporate purposes
from existing warrant holders.
Neither the TSX Venture Exchange, nor its Regulation Service Provider
(as the term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Goldnev Resources Inc. is a public energy company focused on
conventional and unconventional oil and gas production with assets in
northeastern British Columbia, southwestern Alberta and an oil shale
development project in east central Saskatchewan. Goldnev shares trade
on the TSX Venture Exchange under the symbol "GNZ."
Anyone wishing to be added to the Corporation's news release recipients
list may forward an e-mail request to email@example.com.
SOURCE GOLDNEV RESOURCES INC.
For further information: For further information:
please visit our website at www.goldnevresources.com, or email at firstname.lastname@example.org or contact:
Mr. Marc Dame
President and Chief Executive Officer
Goldnev Resources Inc.
Telephone: (403) 237-5711
Facsimile: (403) 718-0163
Suite 485, 708 - 11th Avenue S.W.