Blue Ribbon brokered private placement with Yorkton Securities Inc.VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 24, 1997-- Blue Ribbon blue ribbon denotes highest honor. [Western Folklore: Brewer Dictionary, 127] See : Prize Resource (VSE See DOS/VSE. VSE - Virtual Storage Extended BLO BLO Below BLO Blower BLO Boston Lyric Opera BLO Barbie Liberation Organization BLO Back Loop Only (crochet instructions) BLO Boiled Linseed Oil (finishing oil applied to wood and metal) .) The Company is pleased to announce that it has agreed to do a brokered private placement with Yorkton Securities Inc. to place up to 2,000,000 units at a price of $0.35 per unit. Each Unit shall consist of one common share in the capital of the Company and one-half of one common non-transferrable share purchase warrant, which warrant is exercisable for an eighteen month period. Each whole warrant entitles the holder thereof to purchase one additional common share of the Company at a price of $0.40 per share. There is a commission payable to Yorkton Securities of 7.5 percent of the gross proceeds payable in cash and agent's warrants to purchase up to 200,000 common shares of the Company at the price of $0.40 per share, for an eighteen month term. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from this financing will be used to complete auger auger (ô`gər): see drill. auger Tool (or bit) used with a carpenter's brace for drilling holes, usually in wood. It looks like a corkscrew and produces extremely clean holes, almost regardless of how large the bit is. drilling and detailed surface sampling at some of the Company's more promising gold targets including: 1) The 3-km long Kwakakka Creek soil anomaly on the Dijon concession where trench sampling returned assays of 1.5 gpt over 24 metres including 3 metres with 9.87 gpt and grab samples with up to 57 gpt, and auger drilling results included 7.5 metres with 3.9 gpt gold. 2) The Oelemari concession where 41 pan concentrate samples, containing visible gold and assaying as high as 7.2 milligrams gold, define the Siddhartha target area in the northwest portion of the concession. 3) The Bemau and Toeboeka concessions where assay results from more than 3,000 soil samples were used to define six targets for follow up surface sampling and auger drilling. These targets have already yielded soil samples with up to 10.3 gpt and surface rock samples with up to 16.8 gpt gold. This transaction is subject to regulatory and board approval. This press release was prepared on behalf of the Board of Directors of the Company which accepts full responsibility for its contents. ON BEHALF OF THE BOARD OF DIRECTORS Jack DiMarchi, President -0- 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). has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. NOTE TO EDITORS: The e-mail address See Internet address. e-mail address - electronic mail address below contains an "at" symbol after "element." This symbol may not appear properly in some systems. CONTACT: Martyn Element & Associates Martyn Element, 604/687-6820 or 800/505-5655 604/687-6328 (FAX) or Martyn Element & Associates Robert Matthews Robert Matthews may refer to:
604/687-6328 (FAX) http://www.info-mine.com/blue-ribbon element@info-mine.com |
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