Gold Reach Resources Ltd. Announces Closing of Private Placement and Granting of Stock Options
March 31, 2010
Gold Reach Resources Ltd. (the “Company”) is pleased to announce the closing of the non-brokered private placement (the “Placement”) announced in the Company’s news releases of March 16, 2010 and March 24, 2010 for aggregate gross proceeds to the Company of $275,000.
In the Placement, 1,100,000 units (each a “Unit”) were issued at a purchase price of $0.25 per Unit, raising total gross proceeds to the Company of $275,000. Each Unit consists of one common share of the Company and one non-transferable common share purchase warrant (each a “Warrant”). Each Warrant entitles the holder to purchase one common share of the Company at a purchase price of $0.40 per share until March 31, 2012. Proceeds from the Placement will be used for exploration expenditures on the Issuer’s projects and for general working capital.
All securities issued in connection with the Placement are subject to a four month hold period that expires on August 1, 2010.
The Company further announces that it has granted an aggregate of 110,800 stock options to various directors, officers, employees and consultants of the Company. The options are exercisable to acquire common shares of the Company at a price of $0.30 per share for a term of five years from the date of grant and are subject to acceptance by the TSX Venture Exchange.
About Gold Reach:
Gold Reach Resources Ltd. is a Canadian exploration company actively involved in the exploration of its newly acquired Auro Claims adjacent to Richfield Ventures’ gold discovery in central BC and the development of the Seel and Ox Lake projects, a 19,105 hectare copper-gold-molybdenum-silver project located 120 kilometres south of Houston, BC and eight kilometres east of the producing coppermolybdenum Huckleberry Mine.
ON BEHALF OF THE BOARD OF DIRECTORS
Conrad Swanson, President
For further information, please contact:
Gold Reach Resources Telephone: 604-718-5454 Toll Free: 888-500-4587 Web: http://www.goldreachresources.com
Safe Harbour Statement: The Company relies upon litigation protection for “forward-looking statements.”
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.