Gold Reach Resources Ltd. Announces Shares For Debt And Grant Of Stock Options
VANCOUVER, B.C. – March 14, 2016 - Gold Reach Resources Ltd. (TSX-V; GRV) (“Gold Reach” or the “Company”) announces that it has issued 829,400 common shares in lieu of wages of $87,087, as shares for debt, to Dwayne Melrose, President and CEO of the Company, subject to TSX Venture Exchange approval. Issuance of the shares will preserve cash for the Company.
The shares will be subject to a hold period under the policies of the Exchange and applicable securities legislation for a period of four months following issuance.
The Company further announces that it has granted 1,100,000 incentive stock options to its directors, officers, employees, and consultants at an exercise price of $0.11 per share for a term of five years from the date of grant. The incentive stock options were granted in accordance with the Company’s Stock Option Plan.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
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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.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Gold Reach believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Gold Reach expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.