Antares closes financing.TORONTO--(BUSINESS WIRE)--March 19, 1997--Antares wishes to announce that it has closed the first part of a two part 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. $25,000,000 financing with Gordon Capital Corporation (on behalf of an underwriting syndicate Underwriting syndicate A group of investment banks that work together to sell new security offerings to investors. The underwriting syndicate is led by the lead underwriter. See also: Lead underwriter. underwriting syndicate See syndicate. co-led by Gordon Capital Corporation and Nesbitt Burns Inc. and including Scotia McLeod Inc., First Marathon Securities Limited and RBC Dominion Securities
Under the first part, the underwriters purchased 5,281,000 special warrants on a bought deal basis at CDN$3.35 per warrant for total gross proceeds of CDN$17,691,350. Under the second part of the transaction, 2,179,104 special warrants at CDN$3.35 for total gross proceeds of CDN$7,300,000 will be issued to Standard Bank of South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. concurrent with the purchase by Antares of a 25.25% beneficial interest in Rappa Holdings (Proprietary) Limited ("Rappa") which closing is anticipated on or about April 11, 1997, subject to South African regulatory approval. This purchase will increase Antares' beneficial interest in Rappa to 50% from 24.75%. Each special warrant will be exchangeable into one common share of Antares. Antares has under-taken to file a prospectus within 120 days of closing to clear the common shares to be issued on the exercise of the special warrants. The proceeds of the placement will be used to advance the exploration program on the Ojolali gold and silver property in Sumatra, Indonesia; to further increase Antares' beneficial interest in South African based Rappa; for selective additional acquisitions with respect to the company's core holdings and for working capital purposes. Antares owns a 45% interest in and has operatorship of the extensively mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. Ojolali gold and silver property in Sumatra, Indonesia; a current 24.75% beneficial interest in Rappa, a profitable and expanding gold recovery operation in South Africa; and a 43% interest in the producing Lady Lina gold mine in Zimbabwe. Negotiations are currently underway with the objective of Antares increasing its ownership of Rappa from 50% to 100%. No stock exchange, securities commission or other 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 herein. CONTACT: Antares Mining and Exploration Corporation Dennis Gray Dennis Gray was born 1935 in Yorkshire and started climbing when he was 11, after seeing the great Arthur Dolphin in action at Cow and Calf rocks on Ilkley Moor. He then climbed with a group who called themselves the 'Bradford Lads'. or Robert Yeoman 416/861-9940 |
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