Arrowstar Resources Ltd
Gulfside Minerals LTD.:ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Gulfside Minerals LTD. / Corporate Action Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- GULFSIDE ANNOUNCES NON-BROKERED PRIVATE PLACEMENT Vancouver, BC, August 2009, Robert L. Card, President of Gulfside Minerals Ltd., ('Gulfside' or the 'Company') (TSXV: GMG), is pleased to report that the Company has negotiated a non-brokered private placement of 7,908,240 units at a price of $1.05 CAD per unit, for gross proceeds of $8,303,652 CAD. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase one additional common share of the Company at an exercise price of $1.25 CAD per share for a period of one year. The proceeds from the private placement will be applied, firstly, to the first installment of $3,370,000 CAD on the purchase price of the Onjuul coal project. Secondly, one million dollars will be allocated to a 20 hole, 4,000 meter core drilling and development program on the Onjuul project, and the completion of a National Instrument 43-101 compliant technical report. The balance of approximately $3,375,000 CAD, after conversion of the above amounts to U.S. dollars, will be added to the general working capital of the Company. The Company expects to start the drilling program within the next three weeks. The drilling will take about three months but may be accelerated if equipment is available. An updated NI 43-101 technical report is anticipated to be completed by the end of the year. A finder's fee may be payable in connection with this non-brokered private placement. The offering and finder's fee are subject to certain conditions including, but not limited to, the receipt of all necessary corporate and regulatory approvals, including the acceptance of the TSX Venture Exchange. The units have a four month hold period in accordance with Regulatory requirements. On Behalf of the Board of Directors, Gulfside Minerals Ltd. 'Robert L. Card' Robert L. Card President Suite 507 - 475 Howe Street Vancouver, BC V6C 2B3 Telephone (604) 687-7828 Facsimile (604) 687-7848 www.gulfsideminerals.com Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning GMG's planned exploration program in Mongolia and other statements that are not historical facts. When used in this document, the words such as 'could,' 'plan,' 'estimate,' 'expect,' 'intend,' 'may,' 'potential,' 'should,' and similar expressions are forward-looking statements. Although GMG believes that its expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed under the heading 'Risk Factors' and elsewhere in the corporation's periodic filings with Canadian securities regulators. 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 accuracy of this release. Investor Contact: Del Thachuk Delmor Enterprises Ltd. 604-538-5995 Delthachuk@shaw.ca www.gulfsideminerals.com 11.08.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------
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