Carlisle Goldfields Closes Private Placement of Units for Gross Proceeds of $3,125,050
November 23 2012 - 4:18PM
Marketwired
Carlisle Goldfields Limited (TSX:CGJ)(OTCQX:CGJCF) ("Carlisle" or
the "Company") is pleased to announce that it has completed a
non-brokered private placement of units (each, a "Unit"). The
Company issued 20,833,667 Units at a price of $0.15 per Unit for
gross proceeds of $3,125,050 (the "Offering"). Each Unit consists
of one common share of the Company (each, a "Common Share") and one
half of one Common Share purchase warrant of the Company (each
whole warrant, a "Warrant") exercisable for a period of 24 months
from the date of closing. Each whole Warrant shall be exercisable
to purchase one common share of the Company at a price of $0.22 per
share. PowerOne Capital Markets Limited and Stifel Nicolaus Canada
Inc. acted as finders in connection with the Offering.
In total, the Company issued 20,833,667 Common Shares and
12,500,198 Warrants, inclusive of compensation paid to finders in
connection with the Offering.
The proceeds from the Offering will be used for general
corporate purposes, including fees and expenses of the transactions
noted above.
The transactions described herein are subject to the final
acceptance of the Toronto Stock Exchange ("TSX").
Carlisle's President and CEO, Bruce Reid commented that: "The
proceeds from this successful private placement compliment the
recently raised flow-through funds and keep us moving forward. We
continue to be dedicated to finding more ounces in the ground by
drilling and advancing engineering studies."
About Carlisle: Carlisle Goldfields Limited is a Canadian-based
gold exploration and development company, focused on development of
its mining leases and claims in the Lynn Lake Greenstone Belt of
Northern Manitoba, covering approximately 20,000 hectares which
include the former MacLellan Gold mine and two other former
producing gold mines as well as numerous other historically
identified Gold Zones all within close distance of the town of Lynn
Lake.
In March 2012 (see News Release dated March 13, 2012), Carlisle
announced an updated Resource Estimate on its MacLellan Gold
Project in Lynn Lake, Manitoba. This included Open Pit and
Underground Resources in the Measured and Indicated Categories
having increased to 32.4 million tonnes containing 2,018,100 ounces
of AuEq at an average grade of 1.94 g/t AuEq (1.9 g/t Au and 4.4g/t
Ag). The pit-contained Measured and Indicated categories of 29.9
million tonnes contain 1.7 million ounces of AuEq at an average
grade of 1.8g/t AuEq (1.7 g/t Au and 4.4g/t Ag). The current
Measured and Indicated Categories represent 94% of this total
resource estimate.
In September 2012 (see News Release dated September 24, 2012),
Carlisle announced its initial Burnt Timber Project Inferred
Resource estimate totaling 23,438,000 tonnes containing 780,500
ounces of gold ("Au") at an average grade of 1.04 grams per tonne
("g/t"). The Indicated Resource is estimated to be 1,021,000 tonnes
containing 45,900 ounces of gold at an average grade of 1.40 g/t.
The Company's new resource estimate used a 0.4 g/t cut off to a
depth of 170 metres from surface.
This press release shall not constitute an offer to sell or
solicitation of an offer to buy the securities in any jurisdiction.
The Company's shares and other securities have not been and will
not be registered under the United States Securities Act of 1933
and may not be offered or sold in the United States absent an
applicable exemption from the registration requirements.
Except for statements of historical fact contained herein, the
information in this press release may constitute "forward-looking
information" within the meaning of Canadian securities law. Other
than statements of historical fact, all statements are
"forward-looking statements", including the establishment and
estimate of resources, that involve various known and unknown risks
and uncertainties and other factors. There can be no assurance that
such statements will prove accurate. Results and future events
could differ materially from those anticipated in such statements.
Readers of this press release are cautioned not to place undue
reliance on these "forward-looking statements". Except as otherwise
required by applicable securities statutes or regulation, Carlisle
expressly disclaims any intent or obligation to update publicly
forward-looking information, whether as a result of new
information, future events or otherwise.
Neither IIROC nor the TSX accepts responsibility for the
adequacy or accuracy of this release.
Contacts: Carlisle Goldfields Limited Bruce Reid President and
Chief Executive Officer 647-500-4495br@carlislegold.com Carlisle
Goldfields Limited Carl McGill Vice President, Corporate
Development 416-278-8406cmcgill@carlislegold.com Carlisle
Goldfields Limited 2702 - 401 Bay Street Toronto, Ontario,
Canadainfo@carlislegold.com www.carlislegold.com