GLASS EARTH GOLD Announces the Closing of a
C$2.4 Million Non-brokered Private Placement
Wellington, New Zealand, Monday June 25, 2012. - Glass Earth Gold Limited
(TSXV-GEL; NZAX-GEL) ("Glass Earth") today announced the completion of its
previously announced non-brokered Private Placement financing for gross
proceeds of C$2,357,150.
The financing consisted of 11,785,750 Units at a price of C$0.20 per Unit.
Each Unit consists of one common share and one common share purchase Warrant.
Each whole Warrant entitles the holder to purchase one common share at a
price of C$0.35 per share, exercisable for a period of 24 months and one day
from the date of issuance.
Glass Earth paid persons and/or companies who introduced investors to the
Company,
on the closing date, a finder''s fee payable in cash equal to 6% of the amount
raised for a total of CAD$50,730 and non-transferable finder''s fee warrants
("Finder''s Warrants") to purchase shares in number equal to 6% of the
Warrants sold under the Private Placement for a total of 253,650 finder
warrants issued. The Finder''s Warrants have the same terms as the Warrants
issued in conjunction with the Units.
The non-brokered Private Placement has now been fully completed and the net
proceeds from the C$2,357,150 will be used towards financing the purchase of
50% of the placer gold operations announced on March 15, 2012, bringing Glass
Earth Gold''s ownership to 100%. It will also provide additional working
capital.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold exploration
companies exploring a land position of approximately 10,000 square kilometres
in the North and South Islands.
In the North Island, exploration efforts are focused on large epithermal gold
systems in the Hauraki/Central Volcanic Region. This Region is host to the 10
million ounce Martha Gold Mine, (Newmont Mining).
Hauraki Region - Glass Earth occupies a significant ground position adjacent
to the Waihi/Martha Gold Mine; The Newmont-Glass Earth Waihi West JV (Newmont
earning 65%) and Hauraki JV (North and Central Areas - 65/35) including
drilling at the WKP discovery, is being actively explored and managed by
Newmont in concert with Glass Earth Gold.
Central Volcanic Region - Glass Earth has defined several significant
epithermal gold targets in this region including the Muirs Reef project
(Mamaku district).
In the South Island, exploration efforts are focused on the Otago Region for
mesothermal "Macraes-style" gold targets and expansion of the placer/alluvial
gold mining operations.
For additional information on the company, please contact:
o Simon Henderson, President and Chief Executive Officer, at +64 4 903 4980
or info@glassearthlimited.com;
o Jeanny So, Director of Operations, CHF Investor Relations, at +1 416 868
1079 x225 or jeanny@chfir.com;
o Anne Robert, Account Manager, CHF Investor Relations, at + 1 514 826 8121
or anne@chfir.com; oro Visit the Company''s website at www.glassearthgold.com.
To receive Company news via email, contact anne@chfir.com and mention "Glass
Earth news" in the subject line.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) nor New
Zealand Exchange Limited has reviewed this release and neither accepts
responsibility for the adequacy or accuracy of this release.
End CA:00224273 For:GEL Type:PLACE Time:2012-06-26 08:30:18