Gold Reach Resources Ltd. Announces Share Consolidation and Loan Arrangement
October 5, 2009
Gold Reach Resources Ltd. (the “Company”) announces that effective at the opening on October 5, 2009, the TSX Venture Exchange commenced trading shares of the Company on a consolidated basis. Further to a special resolution passed by the shareholders at the Company’s Annual/Special General Meeting held July 29, 2009, the Company consolidated its shares on a 5 old for 1 new basis Neither the name of the Company nor the trading symbol have changed.
Gold Reach Resources Ltd. further announces that it has arranged for a loan to raise a total of $ 125,000 by way of loan agreements. The Company will repay the loans within a twelve month period and the interest rate is set at a rate equal to the Prime Rate of CIBC commercial loans, plus 5% interest per annum. Should there be a balance owing after the one year period, the rate will be adjusted to be equal to the Prime Rate of CIBC commercial loans, plus 8% interest per annum on any money outstanding. The lender will receive the maximum permitted bonus, being post-consolidation shares for granting the loan. The transaction is subject to acceptance by the TSX Venture Exchange.
About Gold Reach:
Gold Reach Resources Ltd. is a Canadian exploration company actively involved in the development of the Seel and Ox Lake projects, a 17,149.5 hectare copper-gold-molybdenum-silver project located 120 kilometres south of Houston, BC and eight kilometres east of the producing copper-molybdenum Huckleberry Mine.
ON BEHALF OF THE BOARD OF DIRECTORS
Conrad Swanson, President
For further information, please contact:
Gold Reach Resources
Toll Free: 888-500-4587
Safe Harbour Statement: The Company relies upon litigation protection for “forward-looking statements.”
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.