Goldnev Resources Inc.
TSX VENTURE : GNZ

Goldnev Resources Inc.

December 19, 2007 08:49 ET

Goldnev Resources Inc. Announces Correction to Previous News Release

CALGARY, ALBERTA--(Marketwire - Dec. 19, 2007) - Mr. Marc Dame, President and Chief Executive Officer of Goldnev Resources Inc. ("Goldnev" or the "Corporation") (TSX VENTURE:GNZ), wishes to correct a statement contained in the Corporation's news release dated November 28, 2007 regarding non-brokered private placement of secured convertible debentures that the Corporation is in the process of closing to raise gross proceeds of up to $300,000 from eligible investors. The debenture matures 12 months from the date of issue as opposed to 4 months from the date of issue as previously stated in the news release dated November 28, 2007. The debenture is convertible, at the option of the holder, into Units of the Corporation at a price of $0.15 per Unit. Each Unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Corporation for $0.25 per common share within 12 months from the date of grant. The debenture will bear interest at the rate of 12 per cent per year, payable in quarterly installments.

The proposed secured convertible debenture transactions are subject to stock exchange approval and all common shares and underlying securities will be subject to a standard four-month and one day hold period from their date of issue.

The proceeds from the proposed private placement and secured convertible debenture financings will be used by the Corporation to fund the exploration and development commitments for its Noel well re-completion program and towards its 2008 Pasquia Hills oil shale core hole exploration program.

About Goldnev

Goldnev Resources Inc. is a public energy company focused on conventional and unconventional oil & gas production with assets in northeastern British Columbia, north central Alberta and an oil shale development project in east central Saskatchewan. Goldnev shares trade on the TSX Venture Exchange under the symbol "GNZ".

Anyone wishing to be added to Goldnev's News Release recipients list may forward an email request to marcdame@shaw.ca.

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

Contact Information

  • Goldnev Resources Inc.
    Mr. Marc Dame
    President and Chief Executive Officer
    (403) 237-5711
    (403) 718-0163 (FAX)
    Email: marcdame@shaw.ca