/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, June 12, 2012 /CNW/ - Guyana Frontier Mining Corp. ("Guyana Frontier") is pleased to announce that it has completed the first tranche (the "First Tranche") of a non-brokered private placement (the "Private Placement"), initially announced in Guyana Frontier's news release dated May 18, 2012. In the Private Placement, Guyana Frontier will raise maximum aggregate gross proceeds of up to $1,000,000 through the issuance of up to 16,666,667 units (each a "Unit") at a price of $0.06 per Unit. Each Unit will be comprised of one common share of Guyana Frontier and one common share purchase warrant (a "Warrant"). Each Warrant will be exercisable to acquire one additional common share of Guyana Frontier at an exercise price of $0.10 per share, at any time for a one year period following issuance.
The First Tranche, which closed on Friday June 8, 2012, consisted of the issuance of an aggregate of 5,568,000 Units, raising gross proceeds of $334,080. The proceeds of the Private Placement will be used for the exploration of Guyana Frontier's mineral properties and for general working capital purposes. All securities issued in the First Tranche will be subject to a four-month hold period pursuant to applicable securities laws, expiring on October 9, 2012.
In connection with the First Tranche, Guyana Frontier paid arm's length finders aggregate cash finder's fees of $10,646 and issued such finders an aggregate of 137,440 common share purchase warrants, having the same attributes as the Warrants comprising the Units.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The offer and sale of the Units has not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless an exemption from such registration requirements is available.
Neither the 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.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements that are based on the Guyana Frontier''s current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Guyana Frontier''s plans with respect to the closing of further tranches of the Private Placement and the total proceeds to be raised in the Private Placement. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including the future state of the financial markets and other economic factors. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Guyana Frontier disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
For further information:
about Guyana Frontier, please visit our website at www.guyanafrontier.com or contact Warren Stanyer, President and CEO, at (604) 558-0077