Welcome To The Rye Patch Gold Corp HUB On AGORACOM
Rye Patch Gold Corp. is a Tier 1, well-funded junior mining company led by a seasoned management team that has participated in major discoveries totaling over 100-million ounces of gold.
Message: First Tranche of Private Placement
| December 31, 2008 |
| Rye Patch Gold Corp. Closes First Tranche of Private Placement |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 31, 2008) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Rye Patch Gold Corp. (TSX VENTURE:RPM)(TSX VENTURE:RPM.WT)(OTCBB:RPMGF) ("Rye Patch" or the "Company") is pleased to announce that it has closed a first tranche of the private placement (the "Private Placement") previously announced on December 15, 2008. As a result of the closing, the Company issued 2,254,167 units ("Units") at a price of $0.12 per Unit for gross proceeds of $270,500. Each Unit consisted of one common share ("Share") of the Company and one common share purchase warrant ("Warrant"), with each Warrant entitling the holder thereof to purchase one additional Share at a price of $0.15 until December 31, 2010. Certain insiders of the Company subscribed for a total of 1,116,667 Units under the Private Placement. The closing occurred less than 21 days from the date hereof in order for the Company to complete the first tranche of the placement prior to year end. The Shares and Warrants issued under the Private Placement, and the Shares issuable upon exercise of the Warrants, are subject to a hold period in Canada that expires on May 1, 2009. In connection with the closing, the Company also paid a finder's fee in cash of $3,600 to an arm's length party. The Private Placement is subject to the final approval of the TSX-Venture Exchange. The net proceeds from the Private Placement will be used for exploration and development of the Company's projects, for acquisitions and for working capital. Rye Patch Gold Corp. is a Nevada-focused and discovery-driven company building a sizeable inventory of gold resource assets in the mining friendly state of Nevada, USA. The Company's seasoned management team is engaged in acquisition, exploration and development of quality resource-based gold projects. Rye Patch Gold is developing its primary assets - the advanced-stage Wilco project located within the Humboldt Gold Trend in west-central Nevada and the Jessup project in Churchill County, Nevada. The Company is seeking gold opportunities that continue to create shareholder value and leverage the gold price. The Company's goal is to have 5-million ounces of gold inventory within the next 3 years. For more information about Rye Patch Gold, please visit our website at www.ryepatchgold.com. On behalf of the Board of Directors William C. (Bill) Howald, CEO & President |
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