Golden Reign Warrant Incentive Program Raises $1 Million
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/13 -- Golden Reign Resources Ltd. (TSX VENTURE: GRR) (the "Company" or "Golden Reign") is pleased to report that its warrant incentive program (the "Program"), announced on January 3, 2013, to amend the exercise terms for up to 15,093,197 of its outstanding unlisted common shares purchase warrants (the "Warrants") has been approved by the TSX Venture Exchange.
Under the Program Warrant holders elected to amend the terms of 6,723,666 Warrants raising proceeds of just over $1,000,000. By electing to pay $0.15 per Warrant, Warrant holders have amended the terms of such Warrants in order that the exercise price of each Warrant has been reduced by $0.20 from $0.75 to $0.55 and the expiry date of the Warrants has been extended for a period of twelve months, until January 18, 2014. Should the closing price of the Company's common shares exceeds $1.25 per share for a period of 20 consecutive trading days during the exercise period, the Company will have the right to accelerate the expiry date of the Warrants by giving written notice to the holders of the Warrants that the Warrants will expire on the date that is not less than 30 days from the date notice is provided by the Company to Warrant holders.
A total of 8,369,531 Warrants eligible under the Plan were not amended and, in accordance with the original terms, expired unexercised on January 18, 2013.
Proceeds from the Program will be utilized for on-going exploration at the Company's flagship San Albino-Murra Gold Property in Nicaragua and for general working capital.
On behalf of the Board,
Kim Evans, CGA, President & CEO
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Golden Reign Resources Ltd.
Kim Evans, CGA
President & CEO
(604) 685-4655 or Toll Free: 1-888-685-4655
(604) 685-4675 (FAX)