News

Mineral exploration firm Gold Canyon Resources Inc of Vancouver, British Columbia, Canada has closed its non-brokered private placement of common shares at $0.50 per unit, raising gross proceeds of $3m. Each unit consists of one common share plus one non-transferable share purchase warrant exercisable until 14 December for one common share at $0.70 per share.

The private placement initially targeted gross proceeds of $1m when first announced in November, but this was increased to $3m in late November.

All securities to be issued will be subject to a hold period expiring on 15 April 2008, in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws.

As detailed in late November, proceeds will be used primarily for further work to follow-up results from the last drill campaigns at the firm’s Cordero Gallium Project in in Humboldt County, NV, USA (owned through US subsidiary Gold Canyon Resources USA Inc) as well as at its Springpole Gold Project in the Red Lake area of Ontario, as well as for general corporate purposes.

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Visit: www.goldcanyon.ca