Gold Reach Resources announces $1,044,280 financing

About this update from Surge Copper Corp.

[{"type":"text","content":"\n\nVANCOUVER, June 2, 2014 /CNW/ - Gold Reach Resources Ltd. (the \"Company\") (GRV: TSX-V) is pleased to announce a non-brokered private placement of up to 999,000 flow-through units (\"FT Units\") and up to 500,000 non flow-through units (\"NFT Units\") for gross proceeds of up to $1,044,280 (\"Offering\").\n\nEach FT Unit will be offered at $0.72 and will consist of one flow-through common share of the Company as defined in subsection 66(15) of the Income Tax Act (Canada) and one-half of a non flow-through common share purchase Warrant.  Each NFT Unit will be offered at $0.65 and will consist of one common share of the Company and one whole non flow-through Warrant.  Each whole Warrant will be exercisable into one common share of the Company at a price of $0.80 per share for a period of 24 months, subject to acceleration of the expiry date after the four month hold period in the event that the ten-day volume-weighted average trading price of the shares is greater than $1.30 per share.\n\nThe Company will pay to certain finders, including Secutor Capital Management Corp., a fee equal to 8% of the gross proceeds received by the Company from the sale of certain of the FT Units and NFT Units and will issue finder warrants (\"Finder Warrants\") entitling certain finders to purchase that number of shares of the Company equal to 8% of the total number of NFT Units and FT Units sold pursuant to the Offering.  Each Finder Warrant will be exercisable at a price of $0.72 per share for a period of 24 months.   \n\nThe gross proceeds raised from the issuance of the FT Units will be used by the Company to incur exploration expenditures on the Company's properties in British Columbia and will constitute \"Canadian exploration expenses\" and \"flow through mining expenditures\" as defined in the Income Tax Act (Canada).  The net proceeds raised from the issuance of the NFT Units will be used by the Company for exploration and general corporate purposes.\n\nThe Company also reports that it is not proceeding with the private placement announced on March 25, 2014.\n\nThe transaction is subject to TSX Venture Exchange approval.\n\nON BEHALF OF THE BOARD OF DIRECTORS\n\n \n\n\"Shane Ebert\"Shane Ebert, President/Director\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is d...

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