Gold Reach Resources Ltd. Announces Private Placement and Proposed Shares for Debt Settlement
November 16, 2009
Gold Reach Resources Ltd. (the “Company”) is pleased to announce that it has negotiated a non-brokered private placement of up to 3,000,000 Units at a price of $0.16 per Unit, for total gross proceeds of up to $480,000. Each Unit will consist of one common share and one share purchase warrant exercisable into an additional common share at a price of $0.25 for a two year period from the date of closing.
The proceeds will be used for general working capital. A commission or finder’s fee may be paid with respect to part of this private placement.
The Company also wishes to announce that it plans to settle outstanding debt in the amount of $125,000 by the issuance of an aggregate of 781,250 common shares in the capital of the Company at a deemed price of $0.16 per common share.
The terms of the private placement and the proposed debt settlement are 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.