News This news should help temper some concerns in the near term. I think investors saw the potential
potential and probably figured paying the premium on the options relative to the current SP was worth the delays and continued punishment GOD shares would have experienced. Glad to see they also provided an update on the resource update.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 5, 2012) - Goldrush Resources Ltd. (TSX VENTURE:GOD)(OTCQX:GDRRF) ("Goldrush" or the "Company") is pleased to announce that, further to its news release dated March 5, 2012, the Company has received $464,000 from the exercise of 2,900,000 common share purchase warrants at a price of
.16 per share (the "Warrants").
Commenting on the Warrant exercise, Goldrush President and CEO, Len Brownlie, said: "We are very gratified with the financial support provided by a group of loyal shareholders and Directors of the Company who exercised out-of-the-money warrants against the backdrop of a depressed junior resource market. The Company is well capitalized to complete the updated resource estimate on its flagship Ronguen gold deposit, the results of which are expected to be received in late April. Exploration plans for 2012 will be more defined with the receipt of the final analyses from the recent drilling programs on the Rima and Salbo permits, from the soil samples taken on the Midebdo, Ouavousse and Kongoussi permits, and from the outstanding trench sampling from the Ronguen gold deposit. During April, Management will be conducting property tours with potential joint venture partners on several of the Company's suite of prospective exploration permits. We look forward to a busy and rewarding exploration year."
An aggregate of 10,000,000 Warrants were issued pursuant to a non-brokered private placement which closed on March 12, 2010. The Warrants as originally issued were exercisable into common shares in the capital of the Company at a price of
.20 per common share until March 12, 2012. On March 5, 2012, these Warrants were amended by reducing the exercise price of the Warrants from
.20 to
.16 per common share issued upon exercise of the Warrants, and by extending the expiry date of the Warrants to March 31, 2012.
About Goldrush: Goldrush is a Canadian mineral exploration company which has successfully focused on gold exploration in West Africa, where the Company has discovered, and is currently expanding and defining the 249,000 ounce (inferred resource of 5.9 million tonnes at a grade of 1.31 g/t Au) Ronguen gold deposit in Burkina Faso.
For further information on Goldrush Resources Ltd., shareholders and other interested parties are invited to visit the Company's website at www.goldrushresources.ca.