2012-11-02 21:57:23 -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Toronto, Ontario CANADA, November 02, 2012 /FSC/ - Goldstream Minerals Inc. (GSX - TSX Venture), (the "Company") is pleased to announce that it has closed the private placement financing (the "Offering") of units and flow-through units that was previously announced on October 18, 2012. The total Offering was for (i) 7,100,000 units ("Units") at a price of $0.16 per Unit and (ii) 6,600,000 "flow-through" units ("Flow-Through Units") at a price of $0.18 per Flow-Through Unit for gross proceeds of $2,324,000. Casimir Capital Ltd. acted as agent and received a cash commission of $139,440 and broker warrants exercisable for 822,600 common shares of the Company as compensation for
acting as agent in the Offering.
The securities issued are subject to a hold period expiring March 3, 2013 in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws and such further restrictions as may apply under foreign securities laws. The gross proceeds from the sale of the Flow-Through Units will be used for exploration and development of the Company's Hardrock East property in northern Ontario. The Company expenditures will qualify as "Canadian exploration expenses" (CEE) under the Income Tax Act (Canada) and will be renounced to Investors for the 2012 taxation year. The Offering remains subject to the final approval of the TSX Venture Exchange.
About the Company
Goldstream Minerals Inc. is a gold exploration and development company with its material property being the Hardrock East Property located in the Beardmore-Geraldton gold camp of northern Ontario. The Hardrock East Property consists of over 350 square kilometres in the eastern portion of the Beardmore-Geraldton gold camp and is comprised of four different properties: Milestone, Adel, Pagwachuan Lake and Klotz Lake (Solarus).
ON BEHALF OF THE BOARD OF DIRECTORS
GOLDSTREAM MINERALS INC.
President & CEO
For further information, please contact Richard Kilpatrick, President & CEO, at (416) 775-8774.
GOLDSTREAM MINERALS INC.
155 University Ave., Suite 1920
Toronto, Ontario M5H 3B7
Telephone: (416) 775-8774
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the Transaction or approved or disapproved the contents of this press release. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian legislation, concerning statements regarding the business, operations and financial performance and condition of the Company. Forward-looking information includes, but is not limited to statements with respect to the anticipated developments in operations in future periods; planned exploration and development activities; the adequacy of financial resources; the interpretation of drill results; and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled estimates", "forecasts", "intends", "anticipates", "does not anticipate", or "believes", or variations of such words and phrases or statement that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com. Although management has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking statements that are incorporated herein, except in accordance with applicable securities laws.
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Source: Goldstream Minerals Inc.
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