GOOD NEWS! But apparently hasn't reached investors yet..GOLD RESERVE RECEIVES U.S.$12.7 MILLION FROM WARRANTS
SPOKANE, Washington, Sept. 17 /CNW/ - Gold Reserve Corporation (TSE -
GLR; NASDAQ - GLDR) is pleased to announce that it has received US$12.7
million from the exercise of warrants to purchase common shares. The warrants
to purchase 979,500 common shares at US$13 for a total of US$12,733,500, were
originally issued as part of a US$23 million financing in 1994. Gold Reserve
now has approximately US$40 million (CDN$54 million) in cash, no debt and 22.6
million shares outstanding.
The proceeds from the exercise of the warrants will primarily be used to
continue development of the Brisas property, including increased exploration
drilling in the new southwest zone, El Remo area and other targets on the
property, and for other opportunities which may become available to the
Company.
The Company plans to announce later this week its results of the Phase IV
25 x 25 meter infill drill program recently completed on the Pozo Azul zone
located on the Brisas property.
Gold Reserve is exploring and developing the Brisas property in KM 88 in
Southeastern Venezuela.
For further information: Fax on Demand - Current Company and Property Information (800) 549-0673. A. Douglas Belanger,
Executive Vice President, 1940 Seafirst Financial Center, Spokane, WA 99201. Tel. (509) 623-1500, Fax (509) 623-1634. Visit us
on the Internet - businesswire.com
15:54e 17-SEP-96
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