G-Resources completes share placement

Hong Kong-listed gold mining firm G-Resources Group reported on Wednesday that the Placing was completed on 3 August 2011 in accordance with the terms and conditions of the Placing Agreement, in which an aggregate of 2,813,364,000 new Shares, representing approximately 16.67% of the Company?s issued share capital of 16,880,195,950 Shares as enlarged by the completion of the Placing, have been successfully placed to not less than six (6) independent placees (which are independent individual, corporate and/or institutional investors), at the price of HK$0.60 per Placing Share.

To the best of the Directors? knowledge, information and belief and having made all reasonable enquiries, the Placees and their ultimate beneficial owners (if any) are third parties independent of, and not connected with, the Company and its connected persons (as defined in the Listing Rules). None of the individual Placees will become a substantial Shareholder (as defined in the Listing Rules) immediately after completion of the Placing.

The net proceeds from the Placing, after the deduction of the placing commission and other related expenses, amount to approximately HK$1,661 million, and will be applied for the purpose of capital expenditure on the Martabe Project. (romel)