GTA CorpFin Capital Inc.
TSX VENTURE : GTA

June 21, 2010 12:24 ET

GTA CorpFin Capital Inc. Closes its Qualifying Transaction

BURLINGTON, ONTARIO--(Marketwire - June 21, 2010) - GTA CorpFin Capital Inc. ("GTA") (TSX VENTURE:GTA), a capital pool company, has closed its qualifying transaction previously announced on April 16, 2010 (the "Transaction") and TSX Venture Exchange (the "Exchange") issued its Final Exchange Bulletin ("FEB"). GTA will resume trading on June 22, 2010 as a Tier 2 mining issuer.

The Transaction resulted in GTA acquiring an undivided one hundred percent interest (subject to an underlying NSR and GORR) in and to certain mining claims (the "Property") from 1518164 Ontario Inc. ("Ontario Inc."). 

Concurrently with the closing of the Transaction, GTA raised $ 720,000 by way of an equity financing. The financing is comprised of a flow-through financing of $225,000 and a hard cash financing of $495,000. The flow-through financing is comprised of 900,000 units at a price of $0.25 per unit, where each unit consists of one common share of GTA and one share purchase warrant, where the holder of each share purchase warrant will be able to purchase one additional common share of GTA at a price of $0.30 for a period of 12 months from the date of the FEB. The hard cash financing is comprised of 2,475,000 units at a price of $0.20 per unit, where each unit consists of one common share of GTA and one share purchase warrant, where the holder of each share purchase warrant will be able to purchase one additional common share of GTA at a price of $0.30 for a period of 12 months from the date of the FEB. All warrants are subject to an acceleration clause which allows GTA to accelerate the warrants' expiry date in the event the closing price of trading in GTA's common shares is equal to or greater than $0.45 for a period of twenty (20) consecutive trading days. Aggregate finders' fees of $3,000 were paid on a portion of the financing, and finders were issued a total of 12,000 options having the same terms as the share purchase warrants except that there is no acceleration clause.

Information about the Property

The Property is located 110 kilometers east of the west end of the Beardmore-Geraldton greenstone belt and the claims are located in Limestone Rapids Area, Pitopiko River Area, Auden Township, Fintry Township, Rowlandson Township, Mulloy Township and Feagan Lake Area, all of which are located in the Porcupine Mining Division, District of Cochrane, Ontario.

The Property lies approximately 290 kilometers northwest of the City of Timmins, 400 kilometers southeast of Thunder Bay, 65 kilometers north northwest of Hearst and 150 kilometers northeast of Longlac. Direct access to the Property is via several logging roads which extend north from Highway 11some 30 kilometers. Access to some areas of the Property is best achieved by helicopter. Exploration can take place year round with minor breaks during the spring thaw and winter freeze up. Mining operations can take place all year round.

The Property includes a portion of a poorly understood, primarily overburdened covered greenstone belt. Previous exploration in the general area was conducted by several mineral exploration companies including Shell Canada Resources Limited, Mattagami Lake Exploration Ltd., Noranda Explorations Co Ltd. and McKinnon Prospecting. Based on previous exploration, gold mineralization in the area was found to occur in a variety of geological settings, including sulphide and silica facies iron formation, quartz carbonate tourmaline veining, and metasediments (including conglomerate) mineralized with pyrite and pyrrhotite. Values, of up to 3.33 g/t over 1.2 m, was encountered in historical drilling.

These findings have been confirmed in a National Instrument 43-101 compliant geological report of the Property provided by Mr. George Cavey, P.Geo. Mr. Cavey is independent of GTA and Ontario Inc.

That report and this press release was reviewed by Mr. Robert Duess who is Ontario Inc.'s Qualified Person as defined within National Instrument 43-101. 

GTA

GTA intends to be engaged in the exploration and, if warranted, development and mining of the Property as well as the acquisition, exploration and potential development of other mineral resource properties.

The common shares of GTA will continue to be traded on the Exchange under the same trading symbol, "GTA".

The board of directors and officers of GTA are now comprised of the following individuals:
 
  Peter Clausi, Oakville, Ontario Director, and Chief Executive Officer
     
  Brian Crawford, Burlington, Ontario Director, and Chief Financial Officer
     
  Robert Duess, Gananoque, Ontario Vice President, Exploration
     
  James Macintosh, Toronto, Ontario Non-Executive Director
     
  Darin Wagner, Maple Ridge, BC Non-Executive Director
     
  Stephen Stares, Thunder Bay, Ontario Non-Executive Director
     
  Michael Stares, Thunder Bay, Ontario Non-Executive Director
     
  Clinton Barr, Thunder Bay, Ontario Non-Executive Director

Peter Clausi holds a BA from Laurentian University, and a J.D. from Osgoode Hall Law School. Mr. Clausi has extensive experience as a business advisor to public and private companies and has been a director of GTA since August 9, 2006. Mr. Clausi has served as chief compliance officer of Ascenta Finance Ltd., an Exempt Market Dealer, since 2006 and has been a director and/or officer of a number of public companies listed on the Exchange and is currently a director and/or officer of Chesstown Capital Inc. 

Brian Crawford is a Chartered Accountant and holds a B. Com degree from University of Toronto. Mr. Crawford has extensive experience as a business advisor to public and private companies. Mr. Crawford was formerly a partner with BDO Dunwoody, Chartered Accountants. Mr. Crawford has been President of Brant Capital Partners Inc., a financial consulting firm since 2002, and has been a director of GTA since August 9, 2006 as well as CEO and a director of Chesstown Capital Inc., a company listed on the Exchange, since December 2007.

Robert Duess, P.Geo. is currently a shareholder of Ontario Inc., a position which he has held since incorporation. Mr. Duess holds a B.Sc. in Geology from the University of Toronto and has over twenty five years of extensive experience in mineral exploration and development. Mr. Duess is a former Senior Officer and director of Trelawney Mining & Exploration Inc. and Band-Ore Resources Inc. 

James Macintosh holds a Bachelor of Science degree in Geology from Queens University. Mr. Macintosh has been a director and/or officer of a number of public companies listed on the Exchange and is currently President and COO of Innovium Media Corp. and a director of US Silver Corporation. He has been a director of GTA since February 27, 2007.

Darin Wagner, P.Geo., holds a M.Sc. in Geology from Carleton University. Mr. Wagner has more than twenty years experience in mineral exploration, development and management. He was formerly the CEO and a director of West Timmins Mining Inc., and is currently CEO of Balmoral Resources Ltd. and a director of Candente Gold Corp. 

Clinton Barr, P. Geo., has been involved in mineral exploration and development for over 17 years. He is currently a shareholder of Ontario Inc., and Vice President Exploration, and a director of Benton Resources Corp. and is a director of Big Red Diamond Corp., and Jiminex Inc. Mr. Barr has a BSc. in Geology from Lakehead University, and has previous experience as a geologist with Noranda Inc. 

Stephen Stares has been involved in mineral exploration and development for over twenty years. Mr. Stares is currently a shareholder of Ontario Inc. and is also the CEO and a director of Benton Resources Corp., as well as a director of Rare Earth Minerals Inc., Ucore Uranium Inc., Jiminex Inc., and Golden Dory Resources Corp.

Michael Stares has been involved in mineral exploration and development for over twenty years and has been President of Stares Contracting Ltd. since 1992. Mr. Stares is currently a shareholder of Ontario Inc. and is CEO and a director of Rare Earth Minerals Inc., as well as a director of Jiminex Inc., Benton Resources Corp., and Metals Creek Resources Corp.

Following the closing of the Transaction, the capital structure of GTA is as follows:
 
  Common shares issued and outstanding 12,896,357
  Incentive stock options 442,000
  Share purchase warrants 3,375,000
  Brokers options 12,000
    Total 16,725,357

This press release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. GTA cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what GTA currently foresees. Discussion of the various factors that may affect future results is contained in GTA's recent filings, available on SEDAR.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility fro the adequacy or accuracy of this release.

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