VANCOUVER, BRITISH COLUMBIA, Feb 24, 2011 (Marketwire via COMTEX News Network) —
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Gold Standard Ventures Corp. (“Gold Standard” or the “Company”) (TSX VENTURE:GV)(OTCQX:GDVXF) is pleased to announce an agreement in principle for a non-brokered private placement of C$11,950,000 through the sale of 12,578,947 common shares at C$0.95 per share. The placement is subject to definitive agreements and regulatory approvals. The placement price represents a 9.4% premium to Gold Standard’s 20-day VWAP.
FCMI Parent Co. (“FCMI”) has agreed in principle to subscribe for 11,000,000 common shares of the placement. FCMI is a private corporation based in Toronto and controlled by Albert D. Friedberg and members of his family.
FCMI will have the right to nominate one member to Gold Standard’s Board of Directors following closing and to participate, on a pro rata basis, in future equity financings of the Company for up to two years.