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New Carolin Gold Corp. (TSX VENTURE:LAD) (formerly Module Resources Inc. TSX-V:MLE) is pleased to announce that, subject to regulatory approval, it intends to complete a non-brokered private placement with Mr. Bruce M. Rykiss of 300,000 units at a price of C$0.10 per unit for gross proceeds of C$30,000. Each unit will consist of one common share and one common share purchase warrant. Each warrant will be exercisable to acquire one additional common share of the Company at any time for two years, at an exercise price of C$0.10 per share for the first year and at an exercise price of C$0.15 per share in the second year from the date of issue. The securities issued under this private placement will be subject to a four-month hold period. The Company will not pay a finder’s fee in connection with this private placement. The proceeds from the sale of the units will be used for general corporate purposes.
The Company has entered into a business development consulting agreement with Mr. Rykiss of Vancouver, British Columbia. Mr. Rykiss brings 37 years of experience and expertise to New Carolin Gold Corp., 15 years of which have been in the mining industry with a specialization in precious metals and strategic industrial minerals. The Company will grant Mr. Rykiss 250,000 stock options at an exercise price of $0.12 per share exercisable into common shares of the Company for a period of five years.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior mineral exploration and development company engaged in the acquisition, exploration, evaluation and development of 104 sq kms of contiguous mineral claims, collectively known as the Ladner Gold Project, located along the prospective and under-explored Coquihalla Gold Belt, which is host to several historic gold producers including the Carolin Mine, Emancipation Mine, Pipestem Mine and numerous gold prospects.
For further company and technical information, please visit the Company’s website at www.newcarolingold.com (formerlywww.moduleresources.com).
ON BEHALF OF THE BOARD OF DIRECTORS,
Bruce W. Downing, M.Sc., P.Geo, Hon.FEC, President & Chief Executive Officer
We seek Safe Harbor.
Caution concerning forward-looking information
This news release may contain forward-looking statements that are based on the Company’s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this press release.
