Goldeye Explorations Limited
TSX VENTURE : GGY

Goldeye Explorations Limited

December 11, 2006 19:25 ET

Goldeye Private Placements

TORONTO, ONTARIO--(CCNMatthews - Dec. 11, 2006) - Goldeye Explorations Limited (Goldeye) (TSX VENTURE:GGY) has completed a non-brokered private placement for gross proceeds of $200,200 which was previously announced on November 29, 2006. 1,820,000 units of Goldeye are to be issued at a price of $0.11 per unit. Each unit consists of one flow-through common share and one-half of a non-flow-through common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share at $0.20 per share for a two year period. The securities are subject to a four month hold period expiring April 2, 2007.

Goldeye has also arranged to complete a brokered arm's length private placement for gross proceeds of $1,000,000 pursuant to the "Accredited Investor" exemption in NI 45-106 subject to the acceptance by the TSX Venture Exchange. 7,692,308 units of Goldeye are to be issued at a price of $0.13 per unit. Each unit consists of one flow-through common share and one-half of a non-flow-through common share purchase warrant. Each whole warrant entitles the holder to purchase an additional common share for $0.20 per share for a two year period. The securities are subject to a four month hold period. A finder's fee is payable in the amount of $7,000 cash, 330,769 common shares of Goldeye and 769,231 broker's warrants. Each broker's warrant entitles the holder to purchase an additional common share at $0.20 per share for a two year period.

Goldeye has also arranged to complete a non-brokered arm's length private placement for proceeds of $24,500 pursuant to the "Accredited Investor" exemption in NI 45-106 subject to the acceptance by the TSX Venture Exchange. 188,462 common shares of Goldeye are to be issued at a price of $0.13 per share.

All proceeds of the flow-through offerings will be used for mineral exploration on Goldeye's Canadian mineral properties qualifying as Canadian Exploration Expense (CEE) under the Income Tax Act (Canada) enabling the subscriber to obtain applicable tax credits and deductions. Proceeds of the non-flow-through subscription will be used for administrative expenses.

Goldeye is a mineral exploration company acquiring, exploring and advancing properties in Canada and Chile. The Company is currently drilling in Tyrrell Twp., NE Ontario. The Company's other properties are situated in B.C. (Todd Creek, Stewart gold camp), Region V of central Chile, Northwestern Ontario (Sandy Lake, Gold Rock) and Fawcett Twp., NE Ontario.

Shares issued prior to these private placements: 38,640,674

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
    B. Webster
    C.E.O and President
    (905) 731-9367
    (905) 731-9312 (FAX)
    Website: www.goldeye.ca