Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

December 19, 2011 11:36 ET

Goldeye Explorations Limited Closes Financing with the MineralFields Group

TORONTO, CANADA--(Marketwire - Dec. 19, 2011) - Goldeye Explorations Limited (TSX VENTURE:GGY) is pleased to announce the closing of the first tranche of a partially brokered private placement announced December 14, 2011. This tranche was completed with the MineralFields Group for gross proceeds of $400,000 through the sale of 8,000,000 flow-through units at a price of $0.05 each. Each flow-through unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share for two years from the closing date at an exercise price of $0.10 per share.

Limited Market Dealer Inc. was paid a 5% cash finder's fee of $20,000 and 800,000 broker options (10% of units sold). Each broker option entitles the holder to acquire one broker unit at an exercise price of $0.05 per unit. Each broker unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share for two years from the closing date at an exercise price of $0.10 per share. All of the securities are subject to a four month hold period expiring on April 17, 2012.

The proceeds of the flow-through financing 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.

"We are very pleased to be continuing our relationship with the MineralFields Group", said Jorma Hannila, CEO of Goldeye. "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."

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Montreal, Vancouver and Calgary, 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. The sector focus is on gold and precious metals, base metals, rare earths and lithium, potash, uranium, oil, coal and gas. 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® (a division of Limited Market Dealer Inc.) 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®, and have raised over $1 billion in their 10 year history.

ABOUT GOLDEYE

Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions with long traditions of mining (Canada and Chile). Goldeye's approach is to advance precious metal deposits to the development stage, employing, in part, technically advanced geophysical techniques and occasionally joint venture funding. The qualified person (within the meaning of National Instrument 43-101) who read and approved this press release for Goldeye is Jorma Hannila, P. Geo and C.E.O. of Goldeye.

Shares Issued Prior to Financing: 177,996,458

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

Contact Information

  • Goldeye Explorations Limited
    (905) 886-2538

    Goldeye Explorations Limited
    Blaine Webster, P. Geo.
    President
    (416) 315-9708
    www.goldeye.ca