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Golden Dawn to raise US$10M to fund Greenwood gold project acquisition, development

Golden Dawn MineralsInc. said April 13 that it executed an option agreement to acquire theGreenwood gold projectin British Columbia and is offering US$10 million of special warrants to fund theacquisition and capital cost for the project.

It struck the binding agreement with Huakan International Mining Inc. on the same terms as theletter of intent signedin late February.

In the project's updated preliminary economic assessment releasedearlier in April, the company estimatedinitial capital costs at C$9.6 million, and total life of mine capital at C$33.5million.

Each warrant is comprised of one debenture with a face valueof US$100 and 100 units, at a deemed price of 15 Canadian cents per unit. Each unitcomprises one common share and one share purchase warrant, which is exercisablefor a common share at 40 Canadian cents within two years.

The debentures will be secured by all of Greenwood's assets post-acquisition,will carry an 8% annual coupon rate and mature in five years from issue.Debenture holders will have the option to be repaid in gold, subject to certainconditions.