Golden Peaks closes $543,813 financing

Golden Peaks Resources Ltd. has completed a non brokered private placement of 1,812,710 units at a purchase price of $0.30 per unit to raise a total fund of $543,813.

The company said on Wednesday that each unit consisted of one common share of the company and one-half of one non-transferable common share purchase warrant. Each Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.50 per share until 24 months after the date of closing of the Private Placement.

Proceeds from the Private Placement will be used for exploration and development on the Company's Indonesian properties and for working capital and general corporate purposes.

All securities issued in connection with the Private Placement will be subject to a four month hold period expiring April 29, 2012 .

The company has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia .

The projects offer both exploration potential and an existing resource base. All five projects are adjacent to or along strike from operating gold mines or identified gold resources with similar geology and structural feature.All of the projects have been converted to IUP (Mining License) tenements as required under the new Indonesian Mining Act (2009). (romel)