Canfe Ventures Ltd.

October 21, 2010 17:34 ET

Golden Fame Resources Completes Qualifying Transaction and Closes Concurrent Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2010) - Golden Fame Resources Corp. (formerly Canfe Ventures Ltd.) (TSX VENTURE:FEY.P) reports that it has completed its acquisition of 87.5% of the issued and outstanding shares of Fame Oriented Holdings Limited. This transaction, which was first announced on June 8, 2010, will be Golden Fame's Qualifying Transaction, subject to receipt of final acceptance of the TSX Venture Exchange. Fame Oriented Holdings Limited, through a wholly-owned subsidiary, holds a 100% interest in the Gold Ridge Property located in Cochise County, Arizona.

The company's name has been changed from Canfe Ventures Ltd. to Golden Fame Resources Corp. to better reflect its new business. Its new trading symbol will be GFA when trading in the company's shares resumes, which is expected to occur on October 27, 2010.

Jason Birmingham has been appointed as a director of Golden Fame Resources, and Savio Chiu has been appointed as its chief financial officer.

In connection with the acquisition, Golden Fame Resources issued 16 million common shares, which are subject to escrow restrictions in accordance with TSX Venture Exchange requirements, to the vendors of the shares of Fame Oriented Holdings Limited, and issued 1,016,667 common shares in payment of a finder's fee.

Concurrently with the closing of the acquisition, Golden Fame Resources completed a private placement raising $1.2 million by the issuance of eight million units (the "Units") at a price of $0.15 per Unit. Each Unit consists of one common share and one share purchase warrant (the "Warrant"). Each Warrant entitles the holder to purchase, for a period of three years following the closing, one additional common share at a price of $0.15 per share. Total finders' fees of $94,260 and 628,400 finder's fee units (having the same characteristics as the Units issued to the investors) were paid.

All securities described in this news release are subject to a hold period expiring on February 22, 2011.


"Robert Bick"

Robert Bick, Director & CEO

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 for the adequacy or accuracy of this release.

Contact Information

  • Golden Fame Resources Corp.
    Savio Chiu