$2.2 Million Funding Kick-Starts Development of Brazil Platinum Project.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--March 13, 2000 (CDNX CDNX See Canadian Venture Exchange (CDNX). :RCW RCW Revised Code of Washington (state law) RCW Runtime Callable Wrapper (Microsoft .NET) RCW Red-Cockaded Woodpecker (Picoides Borealis) RCW Real Color Wheel .) Gordon J. Fretwell, Director of Rockwell Ventures Inc., (CDNX-RCW) is pleased to announce that $2.2 million in funding has been completed for the start of development of its Pedra Branca Pedra Branca is Portuguese for "White Rock". It can refer to:
All 1,317,000 share purchase warrants derived from the Special Warrant financing completed on March 2, 1998 have been exercised at the price of $0.60 per share, providing the Company with $790,200 in working capital. Investors holding Rockwell Convertible Debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. totalling $910,000 have exercised their conversion right and will receive 5,275,362 common shares and 0.6 of a warrant for each share in lieu of the settlement of the debt. In addition, these investors have also exercised all of the warrants providing a further $546,000 to the Company's working capital, for a total of $2.2 million. As previously announced on February 24, 2000, the Company has entered into an agreement with Hunter Dickinson Group Inc. (HD) pursuant to which it will be assigned HD's option to earn a 60% interest in the Pedra Branca platinum/palladium/rhodium project located 250 kilometres southwest of the port city of Fortaleza, Ceara State, Brazil. The due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. process is underway. Rockwell has completed an earnest payment earnest payment n. a deposit paid to demonstrate commitment and to bind a contract, with the remainder due at a particular time. If the contract is breached by failure to pay, then the earnest payment is kept by the recipient as pre-determined (liquidated) or of US$40,000 to Altoro Gold Corp. and has agreed to subscribe for 483,333 of Altoro units at $0.60 per unit comprising of a common share and a one-year share purchase warrant for Cdn.$290,000. Rockwell is transferring the benefit of the Altoro share purchase warrants from the private placement to HD as sole consideration for HD's assignment of the option to earn a 60% interest in the Pedra Branca project from Altoro. The Altoro financing and the Pedra Branca project option are subject to regulatory approval. The Company currently has approximately $1.6 million on hand and no debt. The closing of the Mantos Blancos property transaction, announced February 17, 2000, could add another US$450,000 over the next twelve months. For further details on Rockwell Ventures Inc. visit the website at www.hdgold.com On behalf of the Board of Directors Gordon J. Fretwell Director No regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities has approved or disapproved the information contained in this news release. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion