Mr. Jim Elbert reports
GOLDREA CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
Goldrea Resources Corp. has closed the first tranche of its non-brokered private placement of six-cent flow-through units, subject to acceptance by regulatory authorities. The company has sold 4,805,000 units for gross proceeds of $288,300. Each unit consists of one flow-through common share in the capital of the company and half of a common share purchase warrant which entitles the holder to buy one common share at a price of eight cents per share for two years. The company's insiders have purchased 500,000 units.
The proceeds of the private placement will be used to finance the exploration of company's mineral properties. All securities issued under the private placement will have a four-month hold. Finders' fees will be paid on this private placement.
Jim Elbert, chief executive officer, states: "Goldrea has started implementing this summer's exploration program on our promising Cannonball/Adrian property in the heart of the Golden Triangle. This flow-through financing is earmarked entirely for the Golden Triangle. Our drillers are scheduled to follow up the IP crew as they further define our most attractive targets. We anticipate finishing up this $600,000 flow-through with a second tranche shortly and have high expectations for this season's results."