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CALGARY, Dec. 8 /CNW/ - StrikePoint Gold Inc. ("StrikePoint") (TSXV: SKP) announces that two directors of StrikePoint have sold in open market transactions on the TSX Venture Exchange a total of 1,360,000 shares to arms-length parties during the period November 17 to November 25, 2009 and exercised outstanding warrants and options to purchase a total of 1,850,000 shares from StrikePoint's treasury. Moreover, the two directors are subscribing for approximately 675,000 shares of the proposed brokered private placement financing announced in StrikePoint's news releases dated November 26 and November 30, 2009.
Richard Boulay, CEO and Director of StrikePoint sold a total of 775,000 shares and purchased 500,000 shares by means of option exercise, 600,000 shares by means of warrant exercise and is subscribing for 425,000 flow-though shares in the proposed private placement. Arness Cordick, a director of StrikePoint sold a total of 585,000 shares and purchased 500,000 shares by means of option exercise, 250,000 shares by means of warrant exercise and is subscribing for the purchase of 250,000 flow-through shares in the proposed private placement.
The purchase of shares by the two directors constitutes a "related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions. The transaction however will be exempt from applicable formal valuation and minority shareholder approval requirements as the fair market value of the shares does not exceed 25% of the market capitalization of StrikePoint.
StrikePoint has 106,146,652 common shares outstanding, and trades on the TSX Venture Exchange under the symbol SKP.
This press release contains forward-looking statements. Any statements that are contained in this press release that are not statements of historical fact may be considered forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Forward-looking statements in this press release include, but are not limited to, statements with respect to statements concerning the anticipated private placement and the involvement of the directors and officers therein. Although StrikePoint believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because StrikePoint can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These forward-looking statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks associated with the mining industry, commodity price and exchange rate fluctuation and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. 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.
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 StrikePoint Gold Inc.
For further information: For further information: Richard Boulay, (403) 243-9500