Garrison Announces Delay in Completion of Current Financing and Commencement of Drilling at Tovshiir
19 Junho 2008 - 11:58AM
Marketwired Canada
Garrison International Ltd. (TSX VENTURE:GAU) (the "Company" or "Garrison") is
announcing that, with the mutual consent of Asia Goldworks Limited ("AGL"), the
final closing of its previously announced private placement with AGL will be
postponed. As discussed in greater detail further in this release, AGL has
invested a total of $3,000,000 in Garrison (out of the total $5,000,000 AGL has
committed to invest in Garrison) through two closings that occurred on March 27,
2008 and May 30, 2008.
The final closing, for gross proceeds of $2,000,000, will be delayed. Garrison
anticipates that the funds to be invested in Garrison at that closing will be
used to purchase mining equipment. Garrison anticipates that those purchases
would be made in September of 2008, and as such the funds to be invested by AGL
in the third closing are not yet required.
The Company's press release of June 2, 2008 stated that the third closing was
"expected to occur shortly." Garrison has been assured by AGL that the funds to
be invested are committed. However, as AGL has encountered problems delivering
those funds to Garrison due to currency exchange and tax issues in China, it is
not certain when appropriate authorizations and arrangements for the transfer of
the required funds will occur. However, AGL has advised Garrison that it
anticipates completing the necessary arrangements for the funding by the end of
July of 2008.
The third closing was to occur pursuant to a share purchase agreement that
provided that AGL would invest an aggregate of $5,000,000 in Garrison by
acquiring up to 50,000,000 common shares units ("Units") of the Company in three
closings. Pursuant to that agreement, each Unit, priced at $0.10, was to consist
of one common share and one purchase warrant exercisable at a price of $0.12 for
one common share of Garrison for 18 months from the date of issue. Details of
the share purchase agreement may be found in the Company's press release dated
March 18, 2008.
The first closing was completed on March 27, 2008 for 7,000,000 Units and gross
proceeds of $700,000. The second closing was completed on May 30, 2008 for
23,000,000 Units and gross proceeds of $2,300,000. As of the second closing, AGL
holds 33,500,000 common shares of Garrison, which represents 34.3% of the
Company's issued and outstanding shares. AGL also holds 30,000,000 warrants,
each of which is exercisable for one common share of Garrison. If AGL exercised
all of its warrants, it would own 63,500,000 common shares of Garrison, which
would represent 49.7% of the Company's issued and outstanding shares. Garrison
has applied to the TSX Venture Exchange (the "Exchange") for final acceptance of
the first and second closings of the private placement.
When and if the third closing is ready to proceed, Garrison will submit a new
application for approval to the Exchange. This application will be a separate
and new submission, and the terms of the third closing will be in accordance
with Exchange Policy 4.1 and will reflect the current market price of the
Company's shares at the time of submission.
Tovshiir Property Update
Garrison is also pleased to announce that drilling at its Tovshiir project will
recommence in the first week of July of 2008. Several targets were identified
through the sampling program and the other exploration activities conducted by
Garrison on the Tovshiir property in 2007. The drilling that Garrison now plans
to undertake has been designed to further investigate these targets.
Further to the Company's plan to move the Tovhsiir project into production at
the earliest possible date, Garrison can now confirm that it has filed the
necessary documents with the Mongolian government in connection with its
application for land use and environmental operation permits. These documents
include an economic study report and an environmental impact assessment report
(which include social impact studies). The application requests approval for a
cyanide operation at the Tovshiir project. As stated in the Company's February
6, 2008 news release, the economic study report was prepared by Garrison's staff
and was not prepared in accordance with NI 43-101. Therefore, the results of
this report may not be disclosed in press releases or to actual or prospective
investors, and will be used only in the context of Garrison's permit
applications to the Mongolian government.
These governmental filings were made further to the Company's plan to commence
mining at this property in the 4th quarter of 2008. Commencing production is
dependent upon the receipt of all required governmental approvals, as well as
the Company obtaining additional funding, such as the additional $2,000,000
committed by AGL or funding at similar levels from one or more other sources.
About the Company
Garrison is a junior mineral exploration company focused on acquiring and
developing advanced stage gold properties in Mongolia. For complete details on
Garrison International Ltd. and its partners, management encourages investors
and interested parties to view its public documents filed on SEDAR at
www.sedar.com.
For all Garrison International Ltd. investor relations needs, investors are
asked to visit the Garrison International IR Hub at
http://www.agoracom.com/ir/garrison where they can post questions and receive
answers within the same day, or simply review questions and answers posted by
other investors. Alternatively, investors are able to e-mail all questions and
correspondence to gau@agoracom.com where they can also request to be added to
the investor e-mail list to receive all future press releases and updates in
real time.
CAUTIONARY STATEMENT
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein. All statements in this
news release, other than statements of historical fact, are forward-looking
statements that involve various risks and uncertainties, including, without
limitation, statements regarding the future plans and objectives of Garrison
International Ltd. There can be no assurance that such statements will prove to
be accurate. Actual results and future events could differ materially from those
anticipated in such statements. These and all subsequent written and oral
forward-looking statements are based on the estimates and opinions of management
on the dates they are made and are expressly qualified in their entirety by this
notice. Garrison International Ltd. assumes no obligation to update
forward-looking statements should circumstances or management's estimates or
opinions change.
Shares Outstanding - 97,738,057
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