Grasslands Entertainment Inc.
TSX VENTURE : GEE

Grasslands Entertainment Inc.

December 12, 2008 16:30 ET

Grasslands Entertainment Inc.: News Release

CALGARY, ALBERTA--(Marketwire - Dec. 12, 2008) - Further to its press release dated September 30, 2008, Grasslands Entertainment Inc. (the "Company") (TSX VENTURE:GEE) is pleased to announce that it has completed its previously announced brokered private placement offering of units (the "Offering"). Foundation Markets Inc. ("Foundation") acted as the Company's agent in connection with the Offering.

Pursuant to the Offering, the Company issued 4,427,360 units ("Units") at a purchase price of $0.05 per Unit for gross proceeds to the Company of $221,238.00. Each Unit is comprised of one common share in the capital of the Corporation ("Common Share") and one-half of one Common Share purchase warrant ("Warrant"), with each whole Warrant being exercisable into one Common Share at an exercise price of $0.10 for a period of two years from the date of closing.

Foundation received a cash commission of $17,540, together with 350,800 broker compensation options ("Options"), each Option being exercisable into one Unit at an exercise price of $0.10 per Unit for a period of two years from the date of closing.

The Common Shares, Warrants and Options issued pursuant to the Offering are subject to a four month hold period from the date of closing, which shall expire on April 12, 2009. The Offering is subject to final approval from the TSX Venture Exchange. Proceeds of the Offering will be used to fund general working capital.

In connection with the Offering, Mr. Mendel Ekstein and Mr. Gerald Goldberg, nominees of Foundation, have been appointed to the board of directors of the Company, subject to regulatory approval, and Mr. Terry Meek has resigned from the board of directors. Also, effective upon closing of the Offering, and subject to regulatory approval, Mr. Randy Koroll has joined the Company as Chief Financial Officer.

About Grasslands Entertainment Inc.

Grasslands Entertainment Inc. creates, develops, finances, produces and distributes proprietary television programming for worldwide markets. Grasslands have a proven track record of producing quality, cost-effective programming with worldwide audience appeal.

This, combined with the Company's focus on genres that are currently saleable in all major markets, ensures the Company's future success. Grasslands Entertainment Inc. is headquartered in Calgary Alberta Canada. To find out more, visit www. grasslandsentertainment.com.

About Foundation Markets Inc.:

Foundation Markets is a Toronto-based investment bank and Limited Market Dealer focused on assisting companies with high-growth potential to raise capital and undertake going public transactions as well as providing mergers and acquisitions advisory services. Foundation specializes in emerging markets, working with both Canadian companies pursuing opportunities throughout Asia and South America as well as companies based in these regions seeking access to North American and European public market capital.

Certain statements in this press release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as "may," "will," "expect," "anticipate," "project," "believe," "plan" and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by the Company with securities regulatory authorities to which recipients of this press release are referred for additional information concerning the Company, its prospects and the risks and uncertainties relating to the Company and its prospects. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of the Company to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking information contained in this press release is current only as of the date of this press release. There should not be an expectation that such information will in all circumstances be updated, supplemented or revised whether as a result of new information, changing circumstances, future events or otherwise.

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

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