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| | February 12, 2010
Golden Chalice Resources Inc. Closes Private Placement
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| | Golden Chalice Resources Inc. (TSX-V: GCR) ("The Company") is pleased to announce the closing of a private placement announced December 18, 2009 for 7,892,855 units at $0.12 per non-flow through unit and $0.14 per flow through unit, for total proceeds of $1,090,00. Each of the flow through units consisted of one flow through common share and one non flow through non transferable share purchase warrant entitling the holder to purchase one additional common share for $0.15 per share for two years. Each of the non flow through units consisted of one non-flow through common share and one non flow through non transferable share purchase warrant entitling the holder to purchase one additional common share for four years at a price of $0.15 per share in years one and two and $0.30 per share in years three and four. Any shares issued pursuant to the private placement will be subject to a four month hold period.
In connection with the transaction, a cash commission totaling $80,000 was paid to Limited Market Dealer Inc. Included in the private placement was the sale of 7,142,855 flow-through units to MineralFields Group.
The proceeds of the private placement will be used for exploration expenditures on the Company's Ontario mineral properties as well as for general working capital.
About MineralFields
MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Information about the MineralFields Group is available at www.mineralfields.com.
About Golden Chalice
The Company's continues to focus on its flagship Langmuir Project where 2007 drilling intersected 72 meters of 1.14% nickel. The Langmuir Project is easily accessible by road and is near existing mining infrastructure in the Timmins camp, host to numerous world-class gold and base metal deposits. The Company owns 100% of the property which covers more than 30 km of favorable stratigraphy with potential for hosting Kambalda-style deposits.
The Company is also advancing its Timmins West property, which contains a number of porphyries and similar geology to the Lake Shore Gold ground, approximately 30 km to the northeast, as well as its Abitibi East gold property.
CONTACT INFORMATION
Corporate Inquiries: Alan Campbell or Kevin Hull, Investor Relations Phone: (604) 685-2222 Email: info@goldenchaliceresources.com Website: www.goldenchaliceresources.com
Visit Golden Chalice's web-site: www.goldenchaliceresources.com to see Smartstox interviews with Company President, Richard Hughes.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. |
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| | You can view the Next News Releases item: Tue Mar 2, 2010, Golden Chalice Resources Inc. Commissions NI 43-101 Report on Radio Hill Iron-Ore Project; Completes Drilling on South Porcupine
You can view the Previous News Releases item: Thu Feb 4, 2010, Golden Chalice Resources Inc. Commissions NI43-101 Resource Estimate on Langmuir Nickel/Platinum/Palladium Project
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