|
Friday, December 21, 2007
Grandview Gold Inc Announces Private Placement
Toronto, Ontario, December 21, 2007 - Grandview Gold Inc. ("Grandview")
(TSX Symbol: GVX, OTC-BB Symbol: GVGDF) is pleased to announce that it has closed the brokered
private placement (the "Brokered
Placement") with Bolder Investment Partners,
Ltd. (the "Agent")
previously announced on November 23, 2007. The Brokered
Placement resulted in the issuance by Grandview of a total of (i) 1,312,000
units in the capital of Grandview (the "Units") at a
purchase price of $0.55 (CAD) per Unit for gross proceeds of
$721,600; and (ii) 605,000 flow-through shares (the “Flow-Through Shares ”) at
a purchase price of $0.65 (CAD) per Unit for gross proceeds of
$393,250 under the Brokered Placement. Each Unit consists of
one common share of Grandview
and one-half of one common share purchase warrant ("Warrant"). Each
whole Warrant is exercisable to acquire one further common share of Grandview at a
price of $0.70 (CAD) for a period of 24 months from closing.
In
connection with the Brokered Placement, Grandview paid a cash fee to the
Agent of 8% of the gross proceeds raised under the Brokered Placement
and also issued broker options to acquire 8% of the total number of
Units issued under the Brokered Placement at a price of $0.60 per
Unit for a period of 24 months from closing.
The
proceeds from this financing will be used primarily to supplement Grandview's exploration program, namely the 2008
drilling program on its Pony Creek/Elliott Dome property in Nevada, and also its Red
Lake projects in Ontario and Rice
Lake projects in Manitoba, as
well as working capital and general corporate purposes.
For
further information contact Paul Sarjeant,
President and CEO of Grandview at 416.486.3444 or visit Grandview's
website at www.grandviewgold.com.
This
is not an offer for sale, or a solicitation of an offer to buy, in
the United States or to any US Person (as defined in Regulation S
under the U.S. Securities Act of 1933, as amended (the
"Securities Act") of any equity shares or any other
securities of Grandview Gold Inc. Securities
("securities") of Grandview Gold Inc. are traded on the
Toronto Stock Exchange (TSX) and on
the OTC BB. This does not constitute, and should not be
construed as, "general solicitation or general advertising"
as defined under Regulation D of the Securities Act, or
"directed selling efforts" under Regulation S of the
Securities Act.
-30-
|