Gold Summit Corporation (the 'Corporation') is pleased to announce that it has closed the non-brokered portion of its previous announced financing with the issuance and sale of a total of 928,331 units at a price of $0.30 per unit for gross proceeds of $278,499.30. Each unit consists of one common share and one common share purchase warrant. Each such common share purchase warrant entitles the holder thereof to purchase one additional common share of the Corporation at $0.45 until March 1, 2005.
Together with the initial brokered portion of the private placement of $1,321,500 raised by McFarlane Gordon Inc. as agent in late July, the original financing target of $1.5 million has now been surpassed with the final gross proceeds of $1,599,999.30.
After giving effect to this portion of the private placement, the Corporation has 13,479,601 common shares issued and 25,723,878 on a fully diluted basis.
The Corporation also announces that on August 29, 2003 a total of 1,265,000 options to purchase common shares of the Corporation were granted to directors, officers and consultants at an exercise price of $0.48 per share, expiring on August 29, 2008. The grant of options is subject to regulatory approval.
The Corporation is proceeding with its plans to advance the exploration of its Nevada bonanza gold vein prospects, particularly the Tip Top property in Esmeralda County. A drill program is currently in preparation at Tip Top to explore down-dip and along strike of potential ore grade and width intersections encountered in both core and RC holes by previous explorers.
WARNING: The Company relies upon litigation protection for 'forward-looking'statements.
CONTACT: TEL: (416) 485-1327 Anthony Roodenburg, Director
TEL: (775) 284-7200 Anthony Taylor, Director
WEBSITE: www.goldsummitmines.com
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