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WELLINGTON, NEW ZEALAND--(Marketwire - Dec. 12, 2012) - Glass Earth Gold Limited (News - Market indicators)(NZAX:GEL) ("Glass Earth") today announces that it has closed the first tranche of its previously announced non-brokered Private Placement. A total of 18,501,000 Units have been sold at a price of $0.16 per unit for gross proceeds of C$2,960,160.
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$0.25 per share, exercisable for a period of 24 months from the date of issuance.
All the above securities issued pursuant to the private placement are subject to a hold period and may not be traded until April 12, 2013.
The Company anticipates closing a further tranche shortly as Unit Subscription agreements for a further C$695,920 (4,349,500 Units) have been received and are being processed.
The proceeds of this private placement are to advance the delineation and development of the Neavesville and WKP projects in the Hauraki region of New Zealand.
About Glass Earth Gold Limited
Glass Earth Gold is one of New Zealand's most active gold exploration companies with landholdings proximal to world-class gold deposits and cash flow from its wholly owned placer projects. With an experienced geological team the Company is exploring promising gold prospects across both the North and South Islands.
In the North Island, exploration efforts are focused on large epithermal gold systems in the Hauraki Region, akin to the Martha Hill mine, (Newmont Mining).
In the Hauraki Region, Glass Earth Gold has identified and developed significant ground positions around the active Martha Hill gold mine operations at Waihi. The Newmont-Glass Earth Gold Waihi West JV (Newmont earning in) and Hauraki JV (65/35), including drilling at the WKP discovery, are being actively explored and managed by Newmont in collaboration with Glass Earth Gold. Glass Earth Gold also intends to progress activities at the newly announced Neavesville prospect.
Glass Earth Gold has also defined several significant epithermal gold targets to independently explore in this region, including the Muirs Reef Gold project.
In the South Island, exploration efforts are focused on the Otago Region, home to OceanaGold's Macraes Goldfield, for identification of mesothermal "Macraes-style" gold targets and revenue generation through placer (alluvial) gold production.
For more information on Glass Earth Gold, please visit www.glassearthgold.com.
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