Gold Summit Corporation (the “Corporation”) is pleased to announce that it has closed its previously announced private placement financing with the issuance and sale of 5,000,000 units at a price of $0.50 per unit and 430,000 units at a price of $0.52 per unit for total gross proceeds of $2,723,600. 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 $0.75 until May 17, 2005. After giving effect to this private placement, the Corporation has 18,962,251 common shares issued.
With McFarlane Gordon Inc. of Toronto acting as agent, the original private placement target of 5 million units, priced at $0.50 per unit and announced on October 29, 2003, was oversubscribed.
The Corporation is continuing its exploration of its Nevada bonanza gold vein prospects, including a drill program at the Tip Top property in Esmeralda County.
For further information, contact Anthony Taylor, President and CEO, at (775) 284-7200, or Anthony Roodenburg, Director, at (416) 485-1327 or visit our new web site at:
www.goldsummitcorp.com
WARNING: The Company relies upon litigation protection for "forward-looking" statements. The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. NOT for distribution in the USA |
