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TSX VENTURE: GNH
PINK SHEETS: GOLHF
MONTREAL, Nov. 21, 2012 /CNW/ - Golden Hope Mines
Limited ("Golden Hope" or the "Company") (TSX VENTURE: GNH)
(Pink Sheets: GOLHF) - Golden Hope Mines Limited is
pleased to announce that it has closed an amount of approximately
$794,304 of its non-brokered private
placement financing announced on October 22,
2012.
The private placement consists of 5,147,000 flow-through common
shares issued at a price of $0.125
and 1,676,984 common shares issued at a price of $0.09 for gross proceeds in the amount of
approximately $794,304.
In connection with the private placement, the
Company paid total fees to finders of $60,905. The Company also issued non-transferable
Finder's Warrants entitling certain finders to purchase up to
523,156 common shares of the Company at an exercise price of
$0.10 per common share for a period
of 18 months from the date of closing.
Under applicable securities legislation and
policies of the TSX Venture Exchange, the securities issued or
issuable in the private placement are subject to a hold period
expiring on March 20, 2013.
The proceeds of the financing will be used to continue the
exploration and drill campaign announced on August 20, 2012 on the Bellechasse Belt of
southeastern Quebec as well as for
general working capital purposes.
The Company may complete one or more additional
closings of flow-through common shares and/or common
shares pursuant to this private placement financing.
Shares for Debt Settlement:
Golden Hope is also pleased to
announce that it has issued 301,000 common shares to settle
outstanding debt of $27,120 with a
creditor. The securities issued in exchange for debt are restricted
from trading until March 20,
2013.
About Golden
Hope:
Golden Hope is a mineral
exploration company that seeks to grow shareholder value through
the acquisition, exploration and development of potentially
large-scale gold and base metal projects suitable for underground
and/or open-pit mining. The Company's focus is in southeastern
Québec, Canada. The Company's
claim blocks lie within an area that extends approximately 100
kilometres along the Appalachians of southern Québec from near
Ste-Lucie-de-Beauregard to
approximately 16 kilometres southwest of Beauceville. The Bellechasse-Timmins gold
deposit lies 5 kilometres southeast of St-Magloire within the Bellechasse Belt, an
approximately 18 kilometre long mineralized area. The
Bellechasse-Timmins gold deposit includes the T1, T2A, T2B,
Ascot/Road gold zones, and the 88 Diorite. The Company is also
looking to develop the Champagne zone, a partially explored base
metal and gold deposit that lies within the Company's Bellechasse
Belt claims. A recently completed VTEM survey may identify other
similar targets along the horizon. The Company is also working to
develop other targets within its claim blocks including the FSG
gold and base metal target, Chute du Bras, the LG showing, Moose
Cliff, and Talon. For further information on Golden Hope please
visit www.goldenhopemines.com.
Statements Regarding Forward-Looking
Information: Information set forth in this news release
by Golden Hope Mines Ltd. may contain forward-looking
information within the meaning of Canadian securities laws.
Forward-looking information includes statements that relate to
future, not past, events. In this context, forward-looking
information often addresses the Company's expected future business
and financial performance, and often contains words such as
"anticipate", "believe", "plan", "estimate", "expect" and "intend",
statements that an action or event "may", "might", "could",
"should" or "will" be taken or occur, or other similar expressions
(including negative and grammatical variations). Such information
includes the use of the net proceeds from the financing by the
Company. By their nature, forward-looking information involves
known and unknown risks, uncertainties and other factors which may
cause the Company's actual results, performance or achievements, or
other future events, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking information. Such factors include, among others,
the following risks: the risks associated with any outstanding
litigation; risks associated with exploration activities and
project development; timing of and unexpected events regarding the
receipt and interpretation of drilling and assay results; delays in
the preparation of resource estimate updates; the need for
additional financing; operational risks associated with mineral
exploration; fluctuations in gold and other commodity prices; title
matters; technical and permitting issues; environmental liability
claims; insurance matters; reliance on key personnel; the potential
for conflicts of interest among certain officers, directors or
promoters with certain other projects; the absence of dividends;
competition; dilution; the volatility of our common share price and
volume; the impact of taxation; and general economic conditions.
Forward-looking information is based on management's beliefs,
estimates and opinions on the date hereof and the Company
undertakes no obligation to update any forward-looking information
if these beliefs, estimates and opinions or other circumstances
should change. Investors are cautioned against attributing undue
certainty to forward-looking information.
SOURCE Golden Hope Mines Limited