Gold Summit Corporation (“GSM”) TSX-V GSM, as previously announced on August 16, 2007, has closed a $733,620 non-brokered private placement, originally announced on May 11, 2007. Finders’ fees totalling $49,965 were paid on part of this financing. Under amended terms the offering consists of Units offered at $0.125 per Unit. Each Unit consists of one common share and one warrant. Each warrant is exercisable to acquire one common share of GSM for twenty four months at a price of $0.25 per share. GSM issued 5,868,960 Units for gross proceeds of $733,620. The common shares and warrants comprising the Units and the common shares issuable on the exercise of the warrants will be subject to resale restrictions until December 17, 2007. GSM will use the proceeds to fund a new phase of drilling on its Monte Cristo property in Nevada and for general working capital purposes.
GSM also announces it intends to raise up to $466,380 in a further non-brokered private placement by issuing up to 3,731,040 Units at a price of $0.125 per Unit. Each Unit will consist of one common share and one warrant. Each warrant will be exercisable to acquire one common share of GSM for twenty four months at a price of $0.25 per share. GSM may pay finders’ fees in respect of this financing.
The private placement is subject to the approval of the TSX Venture Exchange.
For further information, contact Hillary Vonich at (775) 284-7200 or visit our web site at www.goldsummitcorp.com.
The securities referenced by this news release have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws, and unless so registered may not be offered or sold in the United States absent registration or applicable exemption from registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities of Gold Summit Corporation in any jurisdiction.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release includes certain “forward looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. |
