Montreal, Quebec -Golden Tag Resources Ltd. (TSX-V:GOG) has completed previously-announced private placements for gross proceeds of $350,000.
Golden Tag has issued 1,000,000 flow-through common shares at a price of $0.25 per share to Northern Precious Metals Limited Partnership of Montreal, Quebec for proceeds of $250,000. A cash commission of seven per cent ($17,500) and agent’s warrants totaling 100,000 representing 10% of the total number of common shares issued under the placement has been paid to Maison Placements Canada Inc. Each agent’s warrant is exercisable to acquire a Golden Tag common share for an eighteen month period from the date of issuance at a price of $0.30.
Golden Tag also issued 300,000 flow-through common shares and 100,000 common shares at a price of $0.25 per share in private placements to two investors for proceeds of $100,000. The purchaser of the 100,000 non-flow-through shares has also received a warrant for each common share purchased whereby each warrant is exercisable to acquire a further Golden Tag share from the date of issuance at a price of $0.29 per share for the first six months and at a price of $0.33 per share for the following eighteen months.
The common shares issued in the private placements are subject to a hold period expiring on April 30, 2004. As a result of the above-mentioned private placements, there are 12,617,625 common shares of Golden Tag issued and outstanding.
Proceeds from the private placements will be used to finance Golden Tag’s exploration programs on the McCuaig Red Lake joint venture and the Aquilon project in James Bay, Quebec, and for general working capital.
For additional information, please contact:
Golden Tag Resources Ltd.
Marc A. Carrier, President & CFO
Ph: (514) 426-8542
Fax: (514) 426-8543
Cautionary Statement: Statements in the release that are "forward looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. For a discussion of the risk factors that are inherent in the Mining Industry see our public filings at www.sedar.com.
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 news release.