Aug 24, 2011
Barisan Gold Issues & Distributes Shares To Eligible Shareholders
For Immediate Release, August 24, 2011 TSXV: BG
VANCOUVER, B.C. -- August 24, 2011 -- Barisan Gold Corporation (TSXV-BG), the company recently spun-out from East Asia Minerals Corporation (TSXV-EAS) by way of dividend-in-kind to eligible East Asia Minerals' shareholders of record on July 21, 2011, is pleased to announce that the common shares of the company have been issued and distributed to all eligible shareholders. The shares of Barisan Gold will now commence full trading on the TSX Venture Exchange after having traded on a "when and if issued basis" since August 17, 2011. East Asia Minerals intends to distribute the cash proceeds, if any, to ineligible shareholders as soon as practicable and it currently hopes that such distribution can occur in the week commencing September 6, 2011.
In addition, the rights of the company have also been issued and distributed to all eligible shareholders. The rights of Barisan Gold will now commence full trading on the TSX Venture Exchange after having traded on a "when and if issued basis" since August 17, 2011. Barisan Gold intends to distribute the cash proceeds, if any, to ineligible shareholders as soon as practicable and it currently hopes that such distribution can occur in the week commencing September 6, 2011. The Barisan Gold rights are expected to expire on or about September 16, 2011.
The rights issue is expected to raise approximately C$11.1 million and is fully backstopped by CEF Holdings Ltd., a company owned 50% by Cheung Kong (Holdings) Ltd. and 50% by Canadian Imperial Bank of Commerce. Proceeds from the rights issue will be used to advance exploration at Barisan Gold's Barisan gold-copper porphyry belt project as well as for general corporate purposes. Shareholders are recommended to consult the Barisan Gold prospectus filed on SEDAR on August 9, 2011 for details on the rights issue.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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FOR FURTHER INFORMATION, visit the Company's website at www.barisangold.com, or contact:
Kristy Reynolds, Investor Relations Vancouver T: +1 604 684 2183 E: firstname.lastname@example.org
About Barisan Gold Corporation
Barisan Gold (BG-TSXV) is a Canadian-based minerals exploration company listed on the TSX Venture Exchange under the symbol "BG". The Company is engaged in the exploration, acquisition and development of mineral properties in Indonesia. Barisan Gold currently owns and operates three gold and gold-copper properties in Indonesia's Aceh Province on the northern tip of Sumatra Island, namely the Barisan gold-copper porphyry belt, the Abong epithermal gold project and the Takengon gold-copper porphyry prospect. Barisan Gold currently has 20,353,093 shares outstanding.
Caution Regarding Forward Looking Statements
Certain statements in this News Release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. When used in this News Release, such statements use words such as "may", "will", "expect", "intend", "anticipate" and other similar terms. These statements reflect management's current assumptions and expectations regarding future results, performance or events as of the date hereof and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Forward looking statements involve significant risks and uncertainties and should not be read as guarantees of future or performance results. Accordingly, readers should not place undue reliance on any forward looking statement.
Forward looking statements are based on assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made. The Company believes that the assumptions and expectations reflected in such forward looking statements are reasonable. Assumptions have been made regarding, among other things, the Company's future exploration and development activities; timely receipt of third party or regulatory approvals; and the Company's ability to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used and that these factors and assumptions may be incomplete or incorrect.
Forward looking statements are also subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward looking information. Those risks include the interpretation of drill results and the estimation of mineral resources and reserves; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, permitting and licensing risks; and general market and mining exploration risks.
Except as required by applicable securities laws, the Company disclaims any obligation to update or revise any forward looking statements to reflect events or changes in circumstances that occur after the date hereof. Forward-looking statements should not be construed as investment advice. Readers should perform a detailed, independent investigation and analysis of the Company and are encouraged to seek independent professional advice before making any investment decision.
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