Gold Bullion Development Corp. (TSXV: GBB) (OTCPINK: GBBFF) announces that it has raised gross proceeds of $4,354,700 at a first closing of its previously-announced private placement by issuing 19,109,957 “flow-through” units at a price of $0.18 per unit, for gross proceeds to Gold Bullion of $3,439,792, and 5,718,175 units at a price of $0.16 per unit, for gross proceeds to Gold Bullion of $914,908. Gold Bullion issued the securities to “accredited investors” in Alberta, British Columbia, Ontario, Québec and the United States.

Each of the 19,109,957 “flow-through” units is comprised of one common share and one-half of a common share purchase warrant. Each full warrant entitles its holder to acquire one additional common share of Gold Bullion at a price of $0.22 for twelve months.