Golden State Resources Limited (ASX: GDN) ASX Announcement 1 April 2010 Golden State raises $1.56 million in share placement for working capital on the Golden Eagle Oil & Gas Prospect Golden State Resources is pleased to announce that funds of $1.56 million have been raised by the placement of 30,000,000 shares at an issue price of 5.2 cents per share through Allegra Capital Pty Ltd.

One free listed option will be attached for every three shares applied for exercisable at 12c and having an expiry date of 30 November 2010.

The issue of the options will be subject to shareholder approval.

The issue of the shares is within the Companies 15% placement capacity. This represents an issue price of not less than 80% of the average market price of the Companys Shares over the last 5 days on which sales in the Companys Shares are recorded. The shares are to be issued to institutions and 708 sophisticated investors.

The Company will pay Allegra a 6% commission (plus GST) of the total funds raised and issue 1.5 million shares at no cost for advisory services. The proceeds of the share placement will be for working capital on the Golden Eagle Gas Field, Grand County Utah. Click here to view the full announcement. http://esp.gewru.com/download/files/12414/1128554/Golden%20State%20raises%20_1.56m%20in%20share%20placement%20for%20working%20capita.pdf
For further details please contact: Richard Sciano Managing Director Golden State Resources Limited Ph: +61 8 9381 9522 David Tasker Professional Public Relations Ph: +61 8 9388 0944 / 0433 112 936 Golden State Resources Limited 181 Roberts Road Subiaco Western Australia Ph: +61 8 9381 9522 Emai: ABN 39 063 074 635
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