Aranlee Completes US$500,000 Private Placement.SCOTTSDALE, Ariz.--(BUSINESS WIRE)--June 24, 1997--Aranlee Resources Lt (VSE See DOS/VSE. VSE - Virtual Storage Extended : ARB.) Aranlee Resources Ltd. ("the Company") is pleased to announce that on June 18, 1997 the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). accepted for filing the Company's previously announced (May 20, 1997) non-brokered private placement of approximately US$500,000. A total of 1,500,000 units of the Company, at a price of Cdn $0.46 per unit, have been issued to two placees: Dragon Securities Limited (on behalf of the Dragon Natural Resources Fund) and Clarion A family of application development systems for Windows from SoftVelocity, Inc., Pompano Beach, FL (www.softvelocity.com). Clarion provides a comprehensive set of tools for development, including a screen builder, 4GL and application generator. Finanz AG. Each unit includes one common share and one half of a non-transferable common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at an exercise price of Cdn $0.75 per common share for a period of one year. The common shares and warrants will be subject to a one year hold period and are not tradeable until June 19, 1998. The proceeds from this placement will be used to fund exploration activities on the Company's various exploration properties and for general working capital purposes. The Company is also in discussions with a financial agent to raise additional equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. and the financing is expected to be completed within the next two months. Subject to regulatory approval, the Company will grant a loan bonus of 100,000 common shares to Dragon Management International Services U.S.A., Inc. for providing an unsecured loan Unsecured Loan A loan that is issued and supported only by the borrower's creditworthiness, rather than by some sort of collateral. Notes: Generally, a borrower must have a high credit rating to receive an unsecured loan. of US$500,000 to the Company (as previously announced on May 15, 1997). These shares will be issued to Dragon Capital Corporation, the original source of the funding, and will be subject to a one year hold period. The 100,000 shares are a significantly lower amount than is allowable under Vancouver Stock Exchange policies regarding loan bonus shares. ON BEHALF OF THE BOARD Stephen J. Kay KAY Kick Ass Year KAY Kansas Association of Youth , Vice President and CFO See Chief Financial Officer. -0- NOTE TO EDITORS: The Vancouver Stock Exchange neither approves nor disapproves the information contained in this News Release. CONTACT: Aranlee Resources Ltd. Jim Kasten, 602/596-9911 602/483-4015 (FAX) Internet Site: http://www.aranlee.com/arl/ |
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