Golden Hope Mines Limited

Golden Hope Mines Limited

May 06, 2009 16:31 ET

Golden Hope Closes $300,000 Financing With MineralFields Group

TORONTO, ONTARIO--(Marketwire - May 6, 2009) -


Golden Hope Mines Limited ("Golden Hope" or the "Company") (TSX VENTURE:GNH)(PINK SHEETS:GOLHF) announces that it has completed a private placement by issuing 4,285,714 units of the Company ("Units") to a limited partnership associated with MineralFields Group at a price of $0.07 per Unit, for gross proceeds of $300,000.

Each Unit is comprised of one common share of the Company issued on a flow-through basis (an "FT Share") and one-half (1/2) of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable into one common share of the Company at a price of $0.25 per share for the first 12 months and $0.50 per share for the second 12 months.

In connection with the private placement, the Company paid a finder's fee of $18,000 to Limited Market Dealer Inc. ("LMD Inc."), representing 6% of the gross proceeds raised in the private placement and non-transferable broker options entitling LMD Inc. to purchase 342,857 units of the Company (each a "Compensation Unit"), representing 8.0% of the number of Units issued pursuant to the private placement. The broker options are exercisable, in whole or in part, until May 5, 2011. Each broker option will entitle the holder to purchase one Compensation Unit at a price of $0.07 per Compensation Unit. Each Compensation Unit is exercisable into one common share of the Company and one half of one Warrant.

The Company also paid LMD Inc. a due diligence fee of $6,000 plus GST, representing 2% of the gross proceeds raised in the private placement.

Under applicable securities legislation and policies of the TSX Venture Exchange, the Units issued in the private placement are subject to a hold period expiring on September 6, 2009.

Golden Hope will use the proceeds from the Offering to advance the exploration on its Bellechasse project in Quebec.

About Golden Hope: Golden Hope Mines Limited is a mineral exploration company that seeks to grow shareholder value through the acquisition, exploration and development of potentially large-scale gold, silver and base metal projects suitable for underground and/or open-pit mining. The Bellechasse gold project in Quebec includes the Timmins Gold Deposit, the Coucou volcanic target and a number of newly claimed serpentinite geological formations. For further information on Golden Hope, visit

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

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