Consolidated Gulfside Resources Ltd. Arranges Private Placement 11/24/2004 9:01:53 AM
TORONTO, ONTARIO, Nov 24, 2004 (CCNMatthews via COMTEX) -- Consolidated Gulfside Resources Ltd (TSX VENTURE:CGL) - The Company is pleased to announce that it has arranged a private placement of 4,545,500 Units at $0.11 per unit to raise $500,000 for working capital and to complete a detailed geological survey of the Rozhdestvenskoe oil site located in the Orenburg Region, Russian Federation, disclosed in the release issued November 23, 2004, following the finalization of the agreement with Strat Petroleum Ltd. The private placement will consist of 4,545,500 units; each unit is comprised of one common share and one warrant. The warrants will be exercisable for two years at $0.15 per share. The Private Placement remains subject to regulatory approval.
Mr. Jack Wasserman, CEO of the Consolidated Gulfside Resources Ltd., (the "Company") states that the Company is continuing its discussions with Strat Petroleum Ltd. since entering into a non-binding letter of intent. "Management is working to develop a definitive agreement with Strat, subject to all regulatory approvals, while at the same time looking for other possible opportunities."
ON BEHALF OF THE BOARD OF DIRECTORS
"Jack Wasserman", CEO
17,169,790 shares outstanding
Consolidated Gulfside Resources Ltd.
Mrs. Maureen Espin
(905) 790-6048
(905) 790-7582 (FAX)
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