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Golden Band Resources Announces Private Placement(Canada Newswire English Via Thomson Dialog NewsEdge) Attention Business Editors GBN: TSX Venture Exchange SASKATOON, Nov. 22 /CNW/ - Golden Band Resources Inc. (GBN:TSXV, the "Company") announced today that it will conduct a best-efforts non-brokered flow-through private placement of up to 10,000,000 of its common shares at a price of $0.50 per share for gross proceeds of up to $5,000,000. The proceeds of the sale of the flow-through shares will be used to fund exploration work on the Company's La Ronge gold belt projects, including the underground exploration program that is currently underway at the Company's 100%-owned Bingo deposit, and for winter drilling. Golden Band will pay a cash fee of up to 7% of the gross proceeds of this private placement that are raised by finders. Certain directors and officers are expected to participate in the private placement on the terms set forth above and such participation has been approved by the independent directors of the Company. The Company is relying upon an exemption from the related party requirements of OSC Rule 61-501. This financing is subject to the normal regulatory approval of the TSX Venture Exchange. The securities offered hereby will be subject to a four-month plus one-day hold period from the closing date in accordance with applicable securities laws. About Golden Band Golden Band Resources is a well-financed, Saskatchewan-based, publicly listed company (GBN:TSXV) whose focus is the long-term, systematic exploration and development of its 100%-owned La Ronge Gold Belt properties. Since 1994, Golden Band has assembled through staking and strategic acquisition a land package of more than 750 km(2), including ten known gold deposits, four former producing mines, and a licensed gold mill. The Company's near-term goals call for development and production from the Bingo, Komis, and EP deposits with processing at the Company's 100%-owned Jolu mill - a project that has received a positive Preliminary Economic Assessment (scoping study) on April 19, 2007. Longer-term objectives include production from the Company's other deposits and the continuation of its highly successful exploration and acquisition strategy. On behalf of the Board of Directors of Golden Band Resources Inc., "Rodney G. Orr" Rodney G. Orr, P.Geo., President & CEO All of Golden Band's exploration programs and pertinent disclosure of a scientific nature are prepared and/or designed and carried out under the supervision of Frank Hrdy, P.Geo., Golden Band's VP Exploration, who serves as the qualified person (QP) under the definitions of National Instrument 43-101. All of Golden Band's development-related programs and pertinent disclosure of a development nature are prepared and/or designed and carried out under the supervision of Gary Haywood, P.Eng., Golden Band's VP of Operations, who serves as the qualified person (QP) under the definitions of National Instrument 43-101. Cautionary Statements on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking information. Actual results may differ materially from those currently anticipated in such statements. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. %SEDAR: 00007862E Golden Band Resources Inc.: Rodney Orr, President, (306) 955-0787 extension 13, [email protected]; Motivia Communications: Roger Francis, (306) 242-0694, toll free: 1-866-501-5651, [email protected] Copyright 2007 Canada Newswire Ltd. All Rights Reserved. |