Armada Gold Completes Private Placement.TORONTO--(BUSINESS WIRE)--May 5, 1998--Armada Gold Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AAU AAU abbr. Amateur Athletic Union .) (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :AAU.) Armada Gold Corporation today announced it has completed a CAD$2.717 million special warrant private placement by the closing of the final tranche of the placement with Taurus Capital Markets Ltd. The final tranche will consist of 1.804 million special warrants, each priced at CAD$0.22. The proceeds of the offering will be used to augment the Company's working capital. Each special warrant will entitle the holder to acquire one Common Share of the Company without additional payment upon exercise of the special warrant. The special warrants will become exercisable upon the issuance of final receipts for a prospectus to be filed by the Company with the securities commissions of Ontario, Alberta and British Columbia. In the event regulatory authorities have not issued a final receipt for the prospectus by July 15, 1998, each special warrant will be exercisable for 1.1 Common Shares of the Company. Armada Gold holds a 100 percent interest in Balgold Limited, the company developing the Baley gold project in southeastern Russia, which contains more than 5 million ounces of gold in the Taseevskoe deposit. Armada also has a 49 percent interest in the Erdmin copper project in Mongolia which is producing 10 tonnes of copper cathode per day. The Erdmin project is presently subject to a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. examining an expansion of the operation to 60 tonnes per day or 20,000 tonnes of copper cathode per annum Per annum Yearly. . The common shares of Armada Gold are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the Alberta Stock Exchange under the symbol AAU. United States S.E.C. Exemption: 12g3-2(b) 82-3965. CONTACT: Armada Gold Corporation Ross Orr, 416/777-0001 800/517-1119 |
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