Olympic Resources Closes Financing
OLYMPIC RESOURCES LTD.
SUITE 602 595 HOWE STREET VANCOUVER BC V6C 2T5
Olympic Resources Closes Financing
July 3, 2012 – Olympic Resources Ltd. (TSX-V: OLA) (the “Company” or “Olympic”) reports today that it has closed its private placement financing previously announced on May 2nd, 2012 and on May 28th, 2012. The Company has issued one million units from treasury at a price of $0.10 per unit for gross proceeds of $100,000. Each unit pursuant to the offering consists of one common share and one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.15 for a period of 24 months from the date of issuance. The securities issued are subject to a four-month hold period in accordance with applicable Canadian securities laws.
The net proceeds of the offering will be used for exploration of the company's mineral property and for general working capital. The company will retain broad discretion in allocating (based on sound business principles) the net proceeds not applied in the manner set out above and Olympic's actual use of the net proceeds may vary depending on its operating and capital needs from time to time.
Olympic Resources
Olympic Resources Ltd. (TSX-V:OLA) is a Toronto Venture Exchange listed resource company engaged in the exploration, development and acquisition of graphite, gold and precious metal properties. The Company is currently evaluating several prospective graphite properties in Canada and other countries to acquire and explore. Olympic also has an option to earn a 60per-cent interest in the Dragon Lake gold property in the Yukonand an agreement with Yukon Exploration Syndicate Inc. to acquire a 100% interest in the Ice, Max and Sun gold projects also located in the Yukon within the Carmacks Caldera.
On behalf of the Board of Directors:
“Dean Nawata”
Dean Nawata President and CEO
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.
Dean Nawata President and CEO Olympic Resources Ltd.
Suite 602 – 595 Howe Street Vancouver, BC Canada V6C 2T5 [email protected] Main: 1-604-629-7083 Mobile: 1-604-561-2821
Forward Looking Statements
Statements in this document which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements contained in this document are based on certain key expectations and assumptions made by Olympic, including, without limitation, expectations and assumptions respecting the outlook of exploration activity on the Property and the impact on Olympic’s business and management assessment of future operations, and the allocation of the use of proceeds from the offering. Although the forward-looking information contained in this press release is based upon what Olympic’s management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release.
It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company’s Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management’s current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this press release and Olympic assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.