Gold Summit Closes Private Placement

Gold Summit Corporation (TSX VENTURE:GSM) reported that the company has closed the second and final tranche of a non-brokered private placement announced on March 17, 2010.

The press release is quoted as saying:

The Company received aggregate gross proceeds of $150,000 and issued 1,200,000 units at a price of $0.125 per unit. Each unit consists of one common share and one common share purchase warrant exercisable for 24 months at $0.20 per share. On closing the second tranche, GSM issued 400,000 units for gross proceeds of $50,000.

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