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Monday, August 17, 2009
Golden Harp Resources Receives Approval To Re-price And Extend The Terms Of 7,612,200 Share Purchase Warrants
Vancouver, BC - Monday, August 17, 2009 - Golden Harp Resources Inc. (GHR:TSXV) today announced that it has been granted approval by the TSX Venture Exchange (TSXV) to amend the terms of 7,612,200 outstanding share purchase warrants issued as part of the unit offering comprising the Company's Initial Public Offering (IPO) completed February 29, 2008. The term of all 7,612,200 outstanding Regular and Flow-Through Warrants has been extended for six months from August 29, 2009 to February 28, 2010 and the exercise price has been reduced to $0.15 from $0.45 and $0.50 respectively.
As a condition to the re-pricing, the TSXV requires that if for 10 consecutive trading days, the closing price of the Company's listed shares is $0.19 or greater, then the term of the warrants must be amended to shorten the remaining exercise period to 30 days. The 30-day period will commence seven calendar days after the 10th premium trading day.
In addition, pursuant to the rules of the TSXV, the 2,160 broker warrants and the warrants included in the 889,070, agent's options issued in conjunction with the IPO were not eligible nor are they included in the amendment.
About Golden Harp
Golden Harp Resources Inc. is a Canadian mineral exploration company. Its 145 square km, Copper Hill gold and base metal project is located 100 kilometres south of Timmins, along Highway 560 between Shining Tree and Gowganda, Northern Ontario. The property, situated along the projected western extension of the Cadillac Larder Lake Break in the Abitibi Greenstone Belt, hosts several gold zones in a variety of geological settings. Golden Harp recently optioned a portion of its claim units (the Block A Property) to Benton Resources Corp. who have been actively exploring and drilling the property. The Block A option covers 351 of Golden Harp's 855 claim units in the northeastern portion of the Copper Hill project. Golden Harp continues to explore and advance the significant gold and copper targets situated in its 504 claim units, which are contiguous to those in the Block A. Golden Harp has 24,673,042 shares outstanding.
For further information about Golden Harp, please visit our website at www.goldenharpresources.com or contact:
Natasha Blackburn, President and CEO
Tel: 604-688-4277
Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in the forward looking statements. Although we believe that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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