GOLDEN TAG RESOURCES LTD.
PHONE : (514) 426-8542; FAX : (514)
426-8543; email : [email protected]
-NEWS RELEASE-
$520,000
BROKERED FINANCING COMPLETED
Golden Tag Resources Ltd. (TSX Venture Exchange:
GOG) (“Golden Tag”) announces that on June 18, 2002, it completed its private
placement through Haywood Securities Inc. (Haywood") of Vancouver, B.C. of
1,300,000 common shares of Golden Tag at a price of $0.40 per share (the
"Offering"), as previously announced on May 23, 2002. Of these
shares, 650,000 are designated as flow-through shares. Purchasers of the
remaining 650,000 non-flow-through shares also received a half-warrant for each
Golden Tag share purchased. Each whole warrant is exercisable to acquire a
further Golden Tag share for a two-year period from the date of issuance at a
price of $0.50 in the first year and $0.60 in the second year. Haywood received
a commission on the gross proceeds of the Offering, as well as agent's warrants
totalling 10% of the total number of common shares issued under the Offering.
Each agent's warrant is exercisable to acquire a Golden Tag share for a two
year period at a price of $0.40. Haywood will also be reimbursed for its
reasonable costs associated with the Offering.
All securities issued under this Offering have a four month hold period
attached to them.
Proceeds from the Offering will be used to finance
Golden Tag's portion of the exploration program on the McCuaig Red Lake Joint
Venture (Golden Tag 40%-Rubicon Minerals Corp 60%) in
The McCuaig Property lies within the Dorion McCuaig
Corridor where Rubicon Minerals, the joint venture operator, recently announced
several high grade drill intercepts over mineable widths including 0.67 ounces
per ton gold over 10.2 feet and 0.74 ounces per ton gold over 5.6 feet. For
further information, please contact
On Behalf of the Board of Directors,
Marc A. Carrier
President
The TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of the contents of this
news release.