Pre-Merger Gold-Ore News Releases
|July 11, 2008|
Gold-Ore Closes Private Placement
|Gold-Ore Resources Ltd. (the "Company") announces that further to the Company's news release of June 18, 2008 the Company has closed a non-brokered equity financing of $2,389,205 gross proceeds. A total 3,565,977 units were sold under private placement at $0.67 ("Unit"). Each Unit consists of one common share and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant entitles the holder to purchase an additional common share at a price of $0.90 per share for a period of 24 months from the closing of the financing. Units sold under the private placement have a 4 month hold period expiring November 11, 2008. |
The Company will pay to arm's length third parties or registered dealers finders' fee totaling $62,255.10 and brokers' warrants to acquire 77,432 common shares of the Company. Each brokers' warrant may be exercised for one common share at a price of $0.67 for a period of 12 months from closing.
Proceeds from the financing together with the cash on hand and the cash flow generated from gold sales from the Bjorkdal mine will provide the necessary funds for the Company to complete the underground test mining at Bjorkdal while initiating exploration on the near-by Ronnberget Property.
Historical drilling on the Ronnberget Property, 4 kilometers east of the Bjorkdal plant intersected up to 180 grams gold per tonne over 6.0 metres in quartz veins geologically similar to the Bjorkdal deposit. The Company plans to compile all historical data, map and prospect the property in preparation for a diamond drill program planned for the third quarter.
For more information please contact Glen Dickson, Bob Wasylyshyn or Ron Ewing at (604) 687-8884. Bjorkdal property information is posted on the Company's web site at www.goldoreresources.com
ON BEHALF OF THE BOARD
Glen Dickson, Chairman
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
You can view the Next Pre-Merger Gold-Ore News Releases item: Thu Jul 31, 2008, Gold-Ore Reports Operational Results for the Second Quarter 2008
You can view the Previous Pre-Merger Gold-Ore News Releases item: Wed Jun 18, 2008, Gold-Ore Announces a Non-Brokered Private Placement for up to $3,000,000
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