Goldmark Minerals Ltd.

Goldmark Minerals Ltd.

April 30, 2007 08:00 ET

Goldmark Increases Proposed Private Placement to Up to 2 Million Dollars

CALGARY, ALBERTA--(CCNMatthews - April 30, 2007) - Goldmark Minerals Ltd. (TSX VENTURE:GMK) announces that it has amended the agreement with Northern Securities Inc. to act as agent with respect to a brokered private placement to raise, on a best efforts basis, up to $2.0 million through the sale of up to 8,000,000 units in the capital of the Company at a price of $0.25 per unit.

Each unit will be comprised of 1 common share and 1 share purchase warrant. Each purchase warrants shall entitle the purchaser to purchase a common share at a price of $0.35 per share for a period of 24 months from closing of the offering.

The net proceeds from the private placement will be used to continue to evaluate the Company's Abigail and Aleman property and to evaluate the acquisition of new properties for Goldmark in Ecuador, other South American countries and Canada, and for general corporate overhead purposes. Initially, the net proceeds will be added to the Company's working capital. Details of the Abigail property acquisition are available in the press release of March 22, 2007 and are available on SEDAR.

All securities issued under the Private Placement will be subject to resale restrictions for 4 months following closing. The closing date has now been moved from April 30, 2007 to May 10, 2007 to accommodate this change.

After giving effect to the Private Placement and assuming the offering is fully subscribed, the Company will have 19,901,424 common shares outstanding. The Company will pay a commission of 8% of the gross proceeds to the agent and will issue the agent a warrant entitling the agent to purchase up to an additional 8% of the units subscribed at a price of $0.25 per unit for a period of 18 months from the closing of the offering.

The closing of the private placement is subject to all regulatory approvals.

Goldmark is a Canadian public company with offices located in Calgary and Quito, Ecuador. Shares are listed on the Venture Exchange under the symbol GMK.

Forward-looking statements - the press release today contains "forward-looking" information. Actual results could differ materially from the conclusions, forecasts or projections in the forward-looking information. Certain material factors and assumptions were applied in drawing the conclusions or making the forecasts or projections as reflected in the forward-looking information. Additional information about the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information and the material factors or assumptions that were applied drawing the conclusion or making the forecast or projection as reflected in the forward-looking information is contained in the press release.

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

Contact Information

  • Goldmark Minerals Ltd.
    Peter Barker
    Chief Executive Officer
    (403) 299-0357
    Goldmark Minerals Ltd.
    Robert W. Lamond
    Chairman of the Board
    (403) 269-9889
    (403) 269-9890 (FAX)