Ambrex Completes Financing; Exploration Under Way at Trairao.TORONTO--(BUSINESS WIRE)--Nov. 11, 1996--Ambrex(CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. AMBX.) Ambrex Mining Corporation today announced that it has completed the first tranche of a private placement to raise a total $3.515 million. Ambrex has placed 5,588,667 units at a price of $0.45 per unit in this first tranche, for gross proceeds of $2.515 million. The second tranche, for $1 million, is expected to close shortly. Each unit consists of one common share and one half share purchase warrant entitling the holder to acquire a common share of Ambrex at $0.60 per share until November 11, 1998. The agents for the financing are Canaccord Capital Corporation, C.M. Oliver and Company Limited and IBK IBK see infectious bovine keratoconjunctivitis. Capital Corp. Proceeds will be used to continue to explore the first two of Ambrex's several projects in the state of Mato Grosso Mato Grosso (mä`t  grô`s) [Port.,=thick forest], state (1996 pop. , Brazil. These are the volcanogenic vol·ca·no·gen·ic adj. Of volcanic origin. massive sulphide discovery at Aripuana and the gold exploration target at Trairao. The financing will also fund further property acquisitions and be used for general corporate purposes. At Aripuana, a preliminary resource estimate of 4 million tonnes is based on drilling of only a small portion of the target area. Drilling is being conducted to a depth of about 200 meters on approximately one-quarter of the 3.1-kilometer-long anomaly identified by geochemical and geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. . Individual intersections have assayed from sub-economic lead/zinc values in massive sulphides up to 15.3 percent lead/zinc and 51 grams of silver per tonne (1.7 oz. silver per tonne) across 27 feet. For reference, the Gross Metal Value (GMV GMV Game Music Video GMV Gross Merchandise Value GMV Ground Mobility Vehicle (US Army special operations vehicle) GMV Gross Metal Value GMV Got My Vote GMV Good Morning Vietnam GMV Generalized Minimum Variance ) of this intersection is more than US$170 per tonne. The deposit remains open at depth and along strike. At the Trairao gold property, Ambrex is conducting geochemical and magnetometry surveys and has already established drill targets. Drilling is expected to begin this month. Ambrex is an exploration and development company specializing in mineral exploration in Brazil. The Company's shares trade on the Canadian Dealing Network (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. ) under the symbol AMBX. (This release is available on the Internet at http://www.cdn-news.com) CONTACT: Ambrex Mining Corporation William Fisher People named William Fisher include:
or Ambrex Mining Corporation Gary Last, 416/ 865-9300 or Hume, Kieran Inc. Jon W. Kieran, 416/ 868-1079 or Hume, Kieran Inc. Olav Svela, 416/ 868-1079 |
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