Montreal, Quebec -Golden Tag Resources Ltd. (TSX-V:GOG) announced today that that it has reached agreements in principle to privately place $200,000 in 12% two year unsecured debentures, convertible into Golden Tag Common shares at a price of $0.205 per share. The proceeds will be used for working capital and $100,000 will be purchased by insiders. As well, the Company is granting 2,350,000 five year incentive options for its directors and employees at a price of $0.20 per share. These options were granted pursuant to the Company’s existing stock option plan and are subject to a vesting schedule whereby one-third of the options will vest every six months over an eighteen month period after the date of the grant. The exercise price of the options represents a premium to the allowable discounted price to market.
Golden Tag Resources Ltd. is a junior exploration company exploring for high grade gold and silver deposits at the San Diego silver project in Durango State, Mexico; the Aquilon Gold Project in James Bay, Quebec; and the McCuaig gold project in Red Lake, Ontario. Golden Tag’s 50% interest in San Diego Resources represent 2.7 oz. silver equivalent per share with additional potential for increase.
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.
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