VANCOUVER, July 20, 2016 /CNW/ - Gold Reach Resources Ltd.
(the "Company") (TSX-V:GRV) announces that the Company has closed
its non-brokered private placement and has issued 4,666,666, units
at a purchase price of $0.15 per unit
for gross proceeds of $700,000.
Each unit consists of one common share of the Company and
one-half of one non‑transferable common share purchase
warrant. Each warrant will entitle the holder to acquire an
additional common share of the Company at an exercise price of
$0.22 per share for a period of 3
years from the closing date of the private placement. If the
Company's common shares trade at or above a weighted average price
of $0.40 per share for 10 consecutive
trading days, the Company may give notice that each warrant may
expire in 30 days.
The Company paid finder's fees of $12,880 cash and 42,934 warrants.
The proceeds of the financing will be used to continue
exploration on its British
Columbia property and for general working capital.
In compliance with Canadian securities laws, all of the
securities issued in connection with this closing are subject to a
hold period expiring on November 20,
2016.
ON BEHALF OF THE BOARD OF DIRECTORS
"Shane Ebert"
President and Chief Executive Officer
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.
This News Release contains forward-looking statements, which
relate to future events. In some cases, you can identify
forward-looking statements by terminology such as "will", "may",
"should", "expects", "plans", or "anticipates" or the negative of
these terms or other comparable terminology. These statements are
only predictions and involve known and unknown risks, uncertainties
and other factors that may cause the Company's actual results,
level of activity, performance or achievements to be materially
different from any future results, levels of activity, performance,
or achievements expressed or implied by these
forward-looking-statements. Such uncertainties and risks may
include, among others, that the Offering will not complete, actual
results of the Company's exploration activities being different
than those expected by management, delays in obtaining or failure
to obtain required government or other regulatory approvals or
financing, inability to procure equipment and supplies in
sufficient quantities and on a timely basis, equipment breakdown
and bad weather. While these forward-looking statements, and
any assumptions upon which they are based, are made in good faith
and reflect the Company's current judgment regarding the direction
of its business, actual results will almost always vary, sometimes
materially, from any estimates, predictions, projections,
assumptions or other future performance suggests herein. Except as
required by applicable law, the Company does not intend to update
any forward-looking statements to conform these statements to
actual results.
SOURCE Gold Reach Resources Ltd.