Anaconda Gold Corp. Completes $2.56 Million Private Placement Offering.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Anaconda Anaconda, city, United States Anaconda (ănəkŏn`də), city (1990 pop. 10,278), seat of Deer Lodge co., SW Mont.; inc. 1887. Gold Corp. ("Anaconda") (TSX-V: ANX ANX Annex ANX Adventrx Pharmaceuticals (San Diego, CA) ANX Automotive Network Exchange (AIAG) ANX Advanced Network Exchange ANX Ascending Node Crossing (satellites) ) is pleased to announce that it has completed the private placement offering (the "Private Placement") previously announced on May 20, 2004 with gross proceeds totaling $2.56 million, through the sale of 6,600,000 flow-though units (the "Flow-Through Units") at a price of $0.32 per Flow-Through Unit and 1,500,000 non-flow-through units (the "Non-Flow-Through Units") at a price of $0.30 per Non-Flow-Through Unit. Each Flow-Through Unit is comprised of one flow-through common share of Anaconda and one-half of one common share purchase warrant. Each Non-Flow-Through is comprised of one non-flow-through common share of Anaconda and one-half of one common share purchase warrant. Each whole Flow Through Unit warrant is exercisable into one additional non-flow-through common share of Anaconda for a period of 12 months from the closing date of the Private Placement at an exercise price of $0.40. Each whole Non-Flow-Through Unit warrant is exercisable into one additional non-flow through common share of Anaconda for a period of 48 months from the closing date of the Private Placement at an exercise price of $0.40. The flow-through common shares will be recognized as flow-through shares for Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. federal income tax purposes and therefore special tax considerations will apply to the purchase of Flow-Through Units. The proceeds from the offering will be used primarily to finance further exploration of Anaconda's mineral properties and for general working capital. Canaccord Capital Corporation (the "Agent") acted as agent for Anaconda in the Private Placement. The Agent received a 7.5% cash commission, a cash administration fee, 50,000 Non-Flow-Through Units and Agent's Warrants to purchase up to 735,000 non-flow-through shares at an exercise price of $0.35, for a period of 18 months from the date of closing. In addition, a member of the Agent's selling group Selling Group All financial institutions involved in selling or marketing a new issue of debt or equity but not necessarily participating in the underwriting consortium. Notes: received 75,000 Agent's Warrants. The cash commission, the administration fee and the expenses of the Private Placement were paid from the proceeds of the sale of the Non-Flow-Through Units. The statements made in this press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release and has in no way passed upon the merits The strict legal rights of the parties to a lawsuit. The word merits refers to the substance of a legal dispute and not the technicalities that can affect a lawsuit. A judgment on the merits is the final resolution of a particular dispute. MERITS. of the Private Placement. |
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