TORONTO, ONTARIO--(Marketwire - Oct. 30, 2007) - Garrison International Ltd. (TSX VENTURE:GAU) (the "Company") has engaged Regenesis Capital Management Inc. ("Regenesis") to arrange a private placement of 5,000,000 Common Share Units priced at $0.10 per Unit to raise a minimum of $500,000. Each Common Share Unit consists of one common share of Garrison and one common share purchase warrant entitling the holder to purchase one common share of Garrison at an exercise price of $0.14 per common share exercisable for a period of two years from the date of issue. The Company may in its discretion increase the size of the offering by up to 5,000,000 Units for aggregate additional proceeds of $500,000.
All securities issued in connection with this financing will be subject to a hold period of four months plus one day from the closing date. This financing is subject to approval by the TSX Venture Exchange, as well as other applicable regulatory approvals.
Under the terms of its arrangement with Regenesis, Garrison will pay a 10% commission on the amount raised which Regenesis may elect to receive in cash or common shares, plus warrants exercisable for 10% of the number of Units sold at a price of $0.14 per share for a period of two years from the date of issue.
The closing date is anticipated to take place on or about December 1, 2007.
The proceeds from the private placement will be used by Garrison for exploration work on its properties in Mongolia and for working capital and other general corporate purposes.
About the Company
Garrison is a junior mineral exploration company focused on acquiring and developing advanced stage gold properties in Mongolia, China and Guyana. For complete details on Garrison International Ltd. and its partners, management encourages investors and interested parties to view its public documents filed on SEDAR at
www.sedar.com.
For all Garrison International Ltd. investor relations needs, investors are asked to visit the Garrison International IR Hub at
http://www.agoracom.com/ir/garrison where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to
gau@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
CAUTIONARY STATEMENT
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Garrison International Ltd. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Garrison International Ltd. assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.