Goldstake Explorations Inc.
TSX : GXP
FRANKFURT : GOO

Goldstake Explorations Inc.

June 24, 2008 09:12 ET

Goldstake Completes $475,000 Flow-Through Private Placement

TORONTO, ONTARIO--(Marketwire - June 24, 2008) - Goldstake Explorations Inc. ("Goldstake" or the "Company")(TSX:GXP)(FRANKFURT:GOO), is pleased to announce that it has completed a non-brokered private placement financing of flow-through units of the Company (each, a "Flow-Through Unit").

Gross proceeds of $475,000 were received in consideration of the issuance of 6,333,333 Flow-Through Units at a price of $0.075 per unit. Each Flow-Through Unit consists of one common share and one common share purchase warrant of the Company, each issued on a "flow-through" basis. Each warrant entitles the holder to purchase one common share of the Company on a "flow-through" basis at a price of $0.09 until June 23, 2010. The securities issued pursuant to the financing are subject to a four-month hold period expiring on October 24, 2008.

Proceeds of the private placement will be used to fund exploration of gold, copper, diamond, zinc and uranium prospects on the Corporation's McGarry Township, McVittie Township and Bancroft properties in Ontario.

Goldstake Explorations Inc. is a Canadian exploration and development company with gold, base metal, uranium and diamond projects in Canada, The USA and Australia. The Clay Property is one of two properties Goldstake has in the Kirkland Lake-Larder Lake section of the Abitibi greenstone belt.

Investors are invited to visit the Goldstake IR Hub at http://www.agoracom.com/ir/goldstake where they can post questions and receive answers or review messages already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to GXP@agoracom.com where they can also request to be added to the investor e-mail list in order to receive all future press releases and updates in real time.

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks. Actual events or results could differ materially from the Company's expectations and projections.

Contact Information

  • Goldstake Explorations Inc.
    Robert Cleaver
    (416) 201-9223
    Email: rcleaver@goldstake.com
    or
    Goldstake Explorations Inc.
    Goldstake Office
    (905) 829-3393
    or
    Goldstake Explorations Inc.
    Robert Dillman
    (519) 264-9278