May 28, 2012, Vancouver, British Columbia - Gold Reach Resources Ltd. (the “Company”) (TSX- V:GRV) is pleased to announce that it has closed the non-brokered flow through private placement of 300,000 flow through units (each a “ FT Unit”) at a purchase price of $0.60 per FT Unit. The Private Placement was oversubscribed for and the Company raised gross proceeds of $180,000 all of which was subscribed for by three directors and no commission was paid. Each Unit consists of one flow through common share (“FT Common Share”) of the Company and one non-transferable non flow through common share purchase warrant (“Warrant”). Each Warrant will entitle the holder to acquire one additional common share (a “Warrant Share”) of the Company at an exercise price of $0.75 per Warrant Share for a one year period from the closing date of the Private Placement.
All of the securities issued pursuant to the Private Placement are subject to a minimum four month hold period which expires on September 29, 2012 pursuant to applicable Canadian securities laws.
The proceeds of this private placement will be used for the purpose of carrying out the exploration programs on the Company’s Ootsa property located in British Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS
“Conrad Swanson” Chairman
For further information, please contact:
Gold Reach Resources
Toll Free: 888-500-4587
Safe Harbour Statement: The Company relies upon litigation protection for “forward-looking statements.”
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.