Libra Fund II (Luxembourg) S.à r.l. Acquires Common Shares and Warrants of Galane Gold Ltd. for Investment Purposes

TORONTO, Sept. 7, 2011 /CNW/ - Libra Advisors, LLC ("Libra"), on behalf of Libra Fund II (Luxembourg) S.à r.l. (the "Fund"), announced that the Fund holds 3,750,000 common shares and 1,875,000 warrants of Galane Gold Ltd. ("Galane Gold") as a result of the automatic conversion of previously held subscription receipts of Galane Gold Mines Ltd. ("Galane Gold Mines") in connection with the amalgamation (the "Amalgamation") of Galane Gold Mines and 2293748 Ontario Limited., a wholly-owned subsidiary of Carlaw Capital III Corp.

As a result of the Amalgamation, the Fund now holds 3,750,000 common shares of Galane Gold, representing approximately 8.31% of the total outstanding common shares of Galane Gold, and 1,875,000 warrants of Galane Gold that, if exercised, together represent approximately 11.97% of the total outstanding common shares of Galane Gold.

Each whole warrant is exercisable into one common share at a price of $1.10 for a period of 18 months, expiring on March 1, 2013.

The Fund holds the common shares and warrants for investment purposes and may, from time to time, acquire additional securities of Galane Gold or dispose of such securities as it may deem appropriate.

Libra is the investment advisor to the Fund and maintains its principal office at 777 Third Avenue, 27th Floor, New York, New York 10017.

SOURCE Libra Advisors, LLC

For further information:

please contact the Chief Compliance Officer of Libra at (212) 350-5125.

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