WELLINGTON, NEW ZEALAND -- (Marketwire) -- 02/15/13 -- Glass Earth Gold Limited ( TSX VENTURE: GEL)(NZAX: GEL) ("Glass Earth") advises that it has closed the third and final tranche of its previously announced non-brokered Private Placement. A further 1,884,500 Units have been sold at a price of $0.16 per Unit for gross proceeds of C$301,520.
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.
In connection with the closing of the third tranche, Glass Earth has paid cash finders' fees of $14,106 and issued 88,165 non-transferable finders' warrants, each entitling the holder to purchase one common at a price of C$0.25 for a period of 24 months from the date of issuance.
All the third tranche shares issued pursuant to the private placement are subject to a hold period and may not be traded until June 15, 2013.
Total gross proceeds of all three tranches was C$3.79m.
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
Glass Earth Gold is one of New Zealand's most active gold exploration companies with landholdings proximal to producing 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 operating 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.
The recent announcement that Glass Earth Gold has acquired option rights to the Neavesville gold/silver prospect (just north of WKP) will mean an increased exploration focus in the Hauraki region.
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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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.