Bolivar Announces Financing Commitment and Produces its First Gold.TORONTO--(BUSINESS WIRE)--May 7, 1998--Bolivar Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BVG BVG Bundesverfassungsgericht (highest German court) BVG Bureau du Vérificateur Général du Canada (auditor general) BVG Best Value Guarantee BVG Berliner Verkehrs Gesellschaft BVG Borrowdale Volcanic Group .) As previously announced, Bolivar Goldfields Ltd. has entered into an agreement with Monarch Resources Limited ("Monarch") to purchase Monarch's interest in its Revemin gold processing plant and all of its infrastructure and support facilities, for cash of US$8.2 million plus 1.0 million of Bolivar's common shares. Bolivar now announces that it has signed an agreement with Barclays Bank PLC and Standard Bank London whereby they have agreed, subject to completion of their legal and financial due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and usual conditions precedent, to provide 100 percent financing for the acquisition, refurbishment and upgrading of the Revemin plant and the development of the Tomi project, in the form of a US$16.0 million senior loan facility and a US$4.0 million subordinate loan facility. With bank financing in process, the acquisition of Revemin is scheduled to be completed by early June 1998. In the interim Bolivar has reached an agreement with Monarch, whereby in early April Bolivar began processing its ore from Tomi at the Revemin plant. Bolivar will continue to do so until the completion of the acquisition. The plant was originally operated on a trial basis, and to date Bolivar has produced 25 kgs of gold bullion Gold bullion Investment-grade, pure gold, which may be smelted into gold coins or gold bars. . Bolivar today also completed a private placement of 1.0 million Units at $0.27 per Unit. Each Unit consists of one common share and one half of a share purchase warrant, with each whole warrant entitling the holder to purchase one common share of Bolivar at $0.38 for a period of one year. 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). of this private placement amount to $264,000, which Bolivar will use for working capital purposes. 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: Bolivar Goldfields Ltd. Mauro Coppola/Peter Volk, 416/955-4554 416/955-1206 (FAX) |
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