Garrison International Ltd.

Garrison International Ltd.

July 07, 2005 17:12 ET

Garrison International Ltd. Completes $2,645,500 Financing

TORONTO, ONTARIO--(CCNMatthews - July 7, 2005) - Garrison International Ltd. (TSX VENTURE:GAU) is pleased to announce that it has completed its initial public offering, accepting total gross proceeds of $2,645,500 by issuing 13,227,500 units, as to 9,977,500 units pursuant to Garrison's prospectus and as to 3,250,000 units issued in reliance on private placement exemptions in Quebec. The units, at $0.20 per unit, are comprised of 1 common share and 1 common share purchase warrant, each warrant entitling the holder thereof to purchase 1 additional common share at $0.30 per share for a period of 2 years from the date of issuance. The offering is being made in Ontario, Alberta and British Columbia.

The common shares of Garrison will commence trading on the TSX Venture Exchange on Monday, July 11, 2005.

Dominick & Dominick Securities Inc. acted as agent for the prospectus offering and received a commission equal to 8% of the proceeds. A total of 997,750 non-transferable agent's warrants were issued, entitling the holders thereof to purchase that number of common shares in the capital of Garrison, exercisable at $0.20 per share for a period 18 months from the date of issuance.

A total of 37,130,057 common shares are issued and outstanding. Of those shares, 7,093,007 common shares are subject to a National Policy 46-201 escrow agreement and a further 4,665,000 shares are subject to a TSXV value security escrow agreement.

About Garrison

Garrison is junior mineral exploration company subject to the laws of Ontario. Garrison is focused on acquiring and developing advanced stage, high qualify, gold properties in China.

For complete details on Garrison and it's partners, management encourages investors and interested parties to consult the final prospectus of Garrison dated May 31, 2005 and filed on SEDAR.

Forward-Looking Statements

All statements, other than statements of historical fact, in this news release are forward-looking statements that involve various risks and uncertainties, including, without limitation, statements regarding the future plans and objectives of Garrison. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Garrison assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.

37,130,057 Shares Outstanding

Contact Information

  • Garrison International Ltd.
    John Cullen, Chair
    Suite 512, 120 Adelaide Street West
    Toronto, ON M5H 1T1
    (416) 366-9192