Golden Reign Resources Ltd.: $7.5 Million Private Placement Close Oversubscribed
Golden Reign
Resources Ltd. (the "Company" or "Golden Reign")(TSX-V: GRR) is pleased to announce that it has closed a
non-brokered private placement of 16,851,197 units at a price of $0.45 per unit to raise gross proceeds
of approximately $7,500,000. Each unit is comprised of one common share and one share purchase warrant
which entitles the holder to purchase an additional common share at a price of $0.75 for a period of two
years. In connection with the offering, the Company has agreed to pay finder's fees of $249,468 cash and
494,153 warrants priced at $0.75 per share exercisable for a period of two years. The common shares
issued pursuant to this private placement are subject to a four month hold period. The private placement
and payment of the finder's fees are subject to acceptance by the TSX Venture Exchange.
Proceeds of
the placement will be applied towards the second phase drill program and costs related to the continued
exploration of the San Albino-Murra Gold Property in Nicaragua and for general working capital.
On
behalf of the Board,
"Kim Evans"
Kim Evans, CGA
President & CEO
For additional information
please visit our website at www.goldenreign.com and SEDAR www.sedar.com.
Forward-Looking Statements:
Some of the statements contained herein may be forward-looking statements which involve known and
unknown risks and uncertainties. Such forward-looking statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ materially from those reflected in
the forward-looking statements, including, without limitation, risks and uncertainties relating to
political risks involving the Company's exploration and development of mineral properties interests, the
inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity
price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other
risks and uncertainties. Such information contained herein represents management's best judgment as of
the date hereof, based on information currently available.
The TSX Venture Exchange has not reviewed
and does not accept responsibility for the adequacy or accuracy of this news release.
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