Gold Reach Resources Ltd. Announces Up To $600,000 Non-Brokered Private Placement
July 6, 2016: Vancouver, British Columbia: Gold Reach Resources Ltd. (the “Company”) (GRV: TSX-V) announces it has arranged a non-brokered private placement offering (the “Offering”) of up to 4,000,000 units (“Units”) at a price of $0.15 per Unit raising gross proceeds of $600,000. Each Unit is comprised of one common share of the Company and one-half of one non-transferable common share purchase warrant (“Warrant”). Each whole warrant entitles the holder thereof to purchase one common share of the Company, for 36 months, at an exercise price of $0.22 per share after the closing date of the Offering.
Each Warrant will be subject to accelerated expiry provisions which provide that if at any time after the date of closing of the Offering, the Company’s common shares trade on the TSX Venture Exchange at or above a weighted average trading price of $0.40 per share for 10 consecutive trading days the Company may give notice to the holders that each Warrant will expire 30 days from the date of providing such notice if the Warrant has not been duly exercised by the holder.
The proceeds of the private placement will be used for the purpose of carrying out the exploration programs on the Company’s British Columbia property and for general working capital.
The Company may issue finder’s fees in connection with this offering of 7% cash and 7% warrants.
The Offering and finder’s fees are subject to the acceptance of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
For Further information, please contact:
Toll Free: 888-500-4587
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.
Safe Harbor Statement: The Company relies upon litigation protection for “forward-looking statements.” The Company undertakes no obligation to update these forward- looking statements in the managements beliefs, estimates obligations or other factors should change.