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Goldeye Explorations Limited Announces Completion of First Tranche of Private Placement

Dec 12 2012 12:00AM

Marketwire

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TORONTO, ONTARIO -- (Marketwire) -- 12/12/12 -- Goldeye Explorations Limited (TSX VENTURE: GGY) wishes to announce completion of first tranche of a partially brokered private placement for gross proceeds of $150,000 through the sale of 1,875,000 flow-through units at $0.08 per unit for a total of $150,000. Each unit consists of one flow-through common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional non flow-through common share for three years at a price of $0.12 per share.

Goldeye paid a total of $10,500 cash commissions and issued 187,500 broker warrants in connection with this closing. Each broker warrant entitles the holder to purchase one additional non flow-through common share for three years at a price of $0.10 per share. All of the securities will be subject to a four month hold period.

The proceeds of the flow-through financing will be used for mineral exploration on Goldeye's Canadian mineral properties qualifying as Canadian Exploration Expense (CEE) under the Income Tax Act (Canada) enabling the subscriber to obtain applicable tax credits and deductions.

ABOUT GOLDEYE

Goldeye is a Canadian gold-focused exploration company with properties in mineral rich, politically secure jurisdictions with long traditions of mining. In Canada, Goldeye holds a 24.5 % interest in the Todd Property in British Columbia, a 100 % interest in the Gold Rock and Sandy Lake properties in Ontario and a remaining block in Tyrrell Twp. after the completion of the proposed sale of the main block to Temex Resources Corp. In Chile, Goldeye owns 100 % of the Sonia-Puma property located 180 km north of Santiago.

Goldeye will focus on getting full value from its portfolio of excellent gold projects. With regard to the Sandy Lake project, upon signing the exploration agreement with the Sandy Lake First Nation, a program of geological mapping and geophysics will be started, to be followed by diamond drilling during the winter season.

Goldeye has completed 6 holes totalling 750 meters testing gold showings and Spectral IP anomalies over a wide area on the Gold Rock claim block. Hole 4 was drilled 600m north of the Laurentian shaft on a very strong IP anomaly with associated resistivity highs on an airborne electromagnetic trend correlating with the mine. Hole 6 was drilled on a an old trench with a strong IP anomaly with a resistivity high one km to the north of hole 4. Logging and sampling is ongoing. Several new holes will be drilled in the winter in areas that were not accessible in December. The core has been logged and sent out for assay. Results are expected in about a month.

On behalf of the board of directors of Goldeye Explorations Limited

Blaine Webster, Chief Executive Officer

Shares Issued after Financing: 22,048,642

Neither 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.



Contacts:
Goldeye Explorations Limited
Blaine Webster
Chief Executive Officer
416-315-9708
bwebster@goldeye.ca





Source: Marketwire


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