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From: B-Haile (eritrea.lave@comhem.se)
Date: Thu Oct 14 2010 - 15:58:14 EDT
PRESS RELEASE
Thu Oct 14, 2010
Sunridge Gold Announces Private Placement
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Sunridge Gold Corp. (SGC/TSX.V) is pleased to announce that it proposes to raise up to $16,650,000 by way of a non-brokered private placement through the issuance of up to 18,500,000 units at a price of $0.90 per unit (the "Unit"). The Company reserves the right to increase the size of the private placement or to modify the type, nature and/or price of the Units for any reason. Each Unit will consist of one common share and one common share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $1.40 for a period of five years from closing the private placement. The Company will use its best efforts to list the warrants for trading on the TSX Venture Exchange (the "TSX.V"). The private placement and any modifications to it are subject to compliance with applicable securities laws and to receipt of regulatory approval. The Company may pay finders' fees in accordance with the policies of the TSX.V.
The proceeds of the financing will be used to fund the Company's work programs at the Asmara Project in Eritrea, exploration work at the Besakoa Project in Madagascar and for general corporate purposes. Work programs at the Asmara Project in Eritrea will include a full feasibility study for the Debarwa high-grade copper-gold deposit, a pre-feasibility study for the combined Emba Derho, Adi Nefas, Gupo and Debarwa deposits, for drill programs at the Gupo Gold and Medrizien gold projects.
ABOUT SUNRIDGE:
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea and exploration properties in Madagascar. Sunridge currently has approximately 76 million shares outstanding and approximately $4.4 million in cash. Upon the close of this private placement and the private placement announced on September 24, 2010, Sunridge will have approximately 114 million shares outstanding with $30.5 million in cash. Sunridge trades on the TSX Venture Exchange under the symbol SGC. For additional information on the Company and its projects please view the slide show on our website at www.sunridgegold.com or call Don Halliday or Greg Davis at the numbers listed below.
SUNRIDGE GOLD CORP.
"Michael Hopley"
Michael Hopley, President and Chief Executive Officer
For further information contact:
Don Halliday, Executive Vice President
Email: donh@sunridgegold.com
Tel: 604-899-1505 (direct)
Greg Davis, VP Business Development
Email: greg@sunridgegold.com
Tel: 604-688-1263 (direct)
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.
http://www.sunridgegold.com/s/PressReleases.asp?ReportID=423378
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