Jan 7 2013
Glass Earth Gold Limited ("Glass Earth") today announces that it has closed the second tranche of its previously announced non-brokered Private Placement. A total of 3,343,750 Units have been sold at a price of $0.16 per unit for gross proceeds of C$535,000.
Each Unit consists of one common share and one common share purchase Warrant. Each whole Warrant entitles the holder to purchase one common share at a price of C$0.25 per share, exercisable for a period of 24 months from the date of issuance.
In connection with the closing of the second tranche, Glass Earth has paid cash finders' fees of $23,450 and issued 146,562 non-transferable finders' warrants, each entitling the holder to purchase one common at a price of C$0.25 for a period of 24 months from the date of issuance.
All the above securities issued pursuant to the private placement are subject to a hold period and may not be traded until April 29, 2013.
The Company anticipates closing a final tranche shortly as Unit Subscription agreements for a further C$274,000 (1,712,500 Units) have been received and are being processed.
Total gross proceeds of all tranches are expected to be C$3.76m.
The proceeds of this private placement are to advance the delineation and development of the Neavesville and WKP projects in the Hauraki region of New Zealand.