VANCOUVER, Oct. 6 /PRNewswire-FirstCall/ - Gold Bullion Development Corp. (GBB, TSX.V) (the "Company" or "Gold Bullion") has amended the terms of its recently announced non-brokered private placement (the "Private Placement") to increase the number of units offered for sale from 11,111,111 units to a maximum of 14,814,814 units, at a price of $0.54 per Unit, for gross proceeds of up to $8,000,000. All other terms of the Private Placement as disclosed in the Company's September 22, 2010 news release remain the same.
Proceeds of the Private Placement will be used for the development of the Company's Granada Gold Property in northwestern Quebec. The Private Placement will be subject to approval by the TSX Venture Exchange.
The Company has also granted incentive stock options to a director of the Company to purchase 900,000 common shares in the capital of the Company, exercisable at a price of $0.48 per share for a period of five years. All options are subject to a four month hold period and are granted in accordance with the terms of the Company's Stock Option Plan and the policies of the TSX Venture Exchange.
About Gold Bullion Development Corp.
Gold Bullion Development Corp. is a TSX Venture listed company focused on the exploration and development of the Granada Gold Property near Rouyn-Noranada, Quebec, and the Castle Silver Mine Property in Gowganda, Ontario.
For more information on Gold Bullion Development Corp. (TSX-V: GBB, OTC PK: GBBFF), visit our web site: http://www.GoldBullionDevelopmentCorp.com.
Frank J. Basa
President and Chief Executive Officer
Neither the 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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Gold Bullion Development Corp.