Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

September 22, 2009 09:22 ET

Goldeye Explorations Limited Closes Financing with MineralFields Group

TORONTO, ONTARIO--(Marketwire - Sept. 22, 2009) - Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to announce the completion of a private placement for gross proceeds of $400,000 through the sale of 6,666,665 flow-through units at $0.06 each to MineralFields Group. Each flow-through unit consists of one flow-through common share and one-half of a non-flow-through common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at $0.08 per share for the first year and thereafter at $0.10 per share for the second year. The securities are subject to a four month hold period. Limited Market Dealer Inc. was paid a 5% cash finder's fee of $17,500 and 583,333 broker options (10% of units sold) on part of the private placement. Each broker option entitles the holder to acquire one additional unit at an exercise price of $0.06 per option. Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of $0.08 for the first year and thereafter at $0.10 for the second year.

The proceeds of this offering will be used for mineral exploration on Goldeye's Ontario mineral properties qualifying as Canadian Exploration Expense (CEE) under the Income Tax Act (Canada) enabling the subscriber to obtain applicable tax credits and deductions.

A 3,000 meter drill program will commence in early October on Goldeye's Hydro Creek and Big Dome high grade gold zones in Tyrrell Township property located 100 km south of Timmins, Ontario.

Goldeye's C.E.O. and President, Blaine R. Webster, stated, "We are very pleased to be entering into this relationship with MineralFields Group. This is an important milestone in the growth of Goldeye Explorations Limited and we look forward to working with MineralFields Group as we develop our holdings in our Canadian exploration projects."

This closing was the first tranche of a private placement of up to 10,000,000 flowthrough units and up to 6,000,000 non-flow-through units which Goldeye intends to complete. Each flow-through unit consists of one flow-through common share and onehalf of a common share purchase warrant. The offering price of the non-flow-through units is $0.05 per unit. Each non-flow-through unit consists of one non-flow-through common share and one-half of a common share purchase warrant. One full warrant in either case entitles the holder to purchase one additional common share for two years at a price of $0.08 per share for the first year and $0.10 per share for the second year.

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities® is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.

Goldeye is pursuing its three gold projects in Canada: Tyrrell and Sandy Lake (Ontario) and Todd Creek (Stewart Mining Camp, BC) and its gold/silver project in central Chile, Sonia Puma. There were 92,681,228 common shares of Goldeye issued prior to this private placement.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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