TORONTO, ONTARIO--(Marketwire - Oct. 18, 2012) - Goldeye Explorations Limited (TSX VENTURE:GGY) wishes to announce completion of a partially brokered private placement for gross proceeds of $169,600 through the sale of (i) 1,014,000 flow-through units at $0.15 per unit for a total of $152,100 (each unit consists of one flow-through common share and one-half of one common share purchase warrant); and (ii) 140,000 non flow-through units at $0.125 per unit for a total of $17,500 (each unit consists of one common share and 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 $0.20 per share.
Goldeye paid a total of $7,897.50 cash commissions and issued 67,900 broker warrants in connection with the brokered portion of the financing. Each broker warrant will entitle the holder to purchase one additional non flow-through common share for three years at a price equal to the subscription price of the units. 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. The proceeds of the non-flow-through financing will be used to pay commissions and costs of the private placements and to pay for general and administrative expenses and working capital.
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 Todd Property in British Columbia and the Tyrrell, Gold Rock and Sandy Lake properties in Ontario. In Chile, Goldeye has the Sonia-Puma property north of Santiago.
Goldeye will focus on getting full value from its portfolio of excellent gold projects. On the Tyrrell project, the high grade Big Dome zone will be defined and expanded, the Hanging Wall zone will be explored at depth and on strike and the Hydro Creek zone will be defined and expanded. 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. The Gold Rock project is drill ready and a winter drill program is being formulated. The Sonia project in Chile is also drill ready and Goldeye is presently looking for a partner to continue the exploration of this property.
On behalf of the board of directors of Goldeye Explorations Limited
Blaine Webster, Chief Executive Officer
Shares Issued after Financing: 20,173,645
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.