Golden Chalice arranges $1.4-million private placement

2009-12-21 10:00 ET - News Release

An anonymous director reports

GOLDEN CHALICE RESOURCES: PRIVATE PLACEMENT ANNOUNCEMENT

Golden Chalice Resources Inc. has arranged for a private placement of up to 10 million units for total proceeds of up to $1.4-million. The financing will consist of flow-through units priced at 14 cents or non-flow-through units priced at 12 cents. Each of the flow-through units will consist of one flow-through common share and one non-flow-through, non-transferable share purchase warrant entitling the holder to purchase one additional common share for two years at a price of 15 cents per share. Each of the non-flow-through units will consist of one non-flow-through common share and one non-flow-through, non-transferable share purchase warrant entitling the holder to purchase one additional common share for four years at a price of 15 cents per share in years one and two and 30 cents per share in years three and four. In accordance with exchange policies, finders' fees may be paid on the funds raised. The private placement is subject to regulatory approval.

Proceeds from the private placement will be used for exploration expenditures on the company's Ontario mineral properties as well as for general working capital.

We seek Safe Harbor.

Ken