Gold Canyon Resources Inc.
TSX VENTURE : GCU

Gold Canyon Resources Inc.

July 21, 2005 14:15 ET

Gold Canyon Announces Closing of Private Placement of $815,000 U.S.

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 21, 2005) - Gold Canyon Resources Inc. (TSX VENTURE:GCU) ("Gold Canyon" or "the Company") is pleased to announce that it has closed the private placement of up to 1,630,000 common share units (the "Units") at a subscription price of (US)$0.50 per Unit for gross proceeds of (US)$815,000.00 originally announced on July 18, 2005. Each Unit consists of one common share in the capital of the Company and one-half of one non-transferable common share purchase warrant, each whole warrant entitling the holder to acquire one additional common share at a price of (US)$0.60 per share until January 20, 2007. A finders' fee equal to 8% of the gross proceeds of the private placement is payable in cash to Shields & Co. of New York, New York.

All securities will be subject to a four month hold period expiring on November 21, 2005 in accordance with applicable Canadian securities law and the policies of the TSX Venture Exchange. The securities have not been registered under the United States Securities Act of 1933, as amended or the securities laws of any state of the United States and may not be sold, transferred or assigned in the absence of an effective registration statement for the securities under applicable securities laws, or an available exemption from the registration requirements of those laws.

The net proceeds of the offering will be used for general corporate purposes and for additional work on Gold Canyon's Springpole Gold Project and Cordero Gallium Project.

Gold Canyon is engaged in the acquisition and exploration of mineral and precious metals properties and currently owns and operates the Springpole Gold Project in the Red Lake Mining District of Ontario, Canada and its Cordero Gallium Project in Humboldt County, Nevada, U.S.A. Additional information can be found on the Company's website: www.goldcanyon.ca.

Robert Carrington, Chief Executive Officer & Director


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

Contact Information

  • Gold Canyon Resources Inc.
    Ron Schmitz
    Director
    (604) 682-3234
    (604) 682-0537 (FAX)
    or
    Gold Canyon Resources Inc.
    Ken Faulkner
    Investor Communications, Corporate Development
    (250) 862-0724
    www.goldcanyon.ca