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February 18, 2008 |
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GLASS EARTH: Closes Second & Final Tranche of Private Placement Glass Earth Gold Limited has closed the second and final tranche of a non-brokered private placement originally announced on November 1, 2007. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 5, 2007, Glass Earth undertook a private placement financing for gross proceeds of CND5 million. The proceeds from the financing will principally be used to set drilling of targets within Glass Earth's Exploration Permits in the Central Volcanic Region in the North Island. According to the company, a total of 2,860,000 units at a price of CND0.20 per unit have been issued for gross proceeds of CND572,000. Each unit consists of one common share priced at CND0.20 and one-half of one share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of CND0.30 until Jan. 29, 2010. All the securities are subject to a hold period and may not be traded until May 30, 2008. Glass Earth's major shareholder, St. Andrew Goldfields Limited, agreed to allow all other parties subscriptions to be accepted first. Accordingly, St Andrew Goldfield's previous 50.2% equity in Glass Earth has reduced to 42.4%. Glass Earth Ltd, now known as Glass Earth Gold Ltd -- http://www.glassearthlimited.com/ -- and its subsidiaries' principal activity is the exploration for and mining of gold deposits in New Zealand. Glass Earth has established a large portfolio of gold prospecting and exploration permits in New Zealand, including advanced gold prospects in the Hauraki-Waihi area; advanced and greenfields gold prospects at the Mamaku- Muirs Reef area between Rotorua and Tauranga; Greenfield gold prospects in the Central Volcanic Region between Rotorua and Taupo, and advanced and greenfields gold prospects in the Otago mesothermal gold fields, including priority over a 20,550km2 prospecting permit area which it believes is prospective for Macraesstyle gold mineralisation. All Glass Earth's business operations are owned and managed by its New Zealand subsidiaries Glass Earth (New Zealand) Limited and HPD New Zealand Limited. As of December 27, 2006, St Andrew Goldfields Ltd. held approximately 50.2% interest in the company. As of June 30, 2007, the company booked a deficit of CND3,422,000, compared with the CND1,953,000 deficit as of May 31, 2006. |
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