November 1, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Gold Bullion Development Corp. (TSX Venture: GBB) said that it has closed the non-brokered private placement, issuing 14,814,814 units at a price of $0.54 per unit to raise gross proceeds of $8 million.

Each unit consists of one common share in the capital of the company and one-half of a transferable share purchase warrant.  Each whole warrant entitles the holder to purchase one additional common share in the capital of the company for a period of one year from the date of issuance at a purchase price of $0.75 per share.

In connection with the private placement, Gold Bullion paid cash finders' fees to arm's length parties in an aggregate amount of $645,857.34 and issued an aggregate of 1,056,641 non-transferable broker warrants.

Each broker warrant entitles the holder to purchase one common share of the company for a period of one year from the date of issuance at a purchase price of $0.75 per share.

All securities issued by the company pursuant to the private placement are subject to a hold period of four months and one day and cannot be resold until March 1, 2011. 

Gold Bullion said it will use the proceeds for the next stage of development of the company's Granada gold property in northwestern Quebec. 

Canada-based Gold Bullion Development is a junior natural resource company focusing on the exploration and development of mineral properties, all of which are located in Canada.

The company is currently focused on the advancement of its Granada Gold Mine Property in Rouyn-Noranda, Quebec, and the Castle Silver Mine Property in Gowganda, Ontario.

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