Bull & Bear Mutual Fund Group Increases Its Investment In Golden Cycle.COLORADO SPRINGS Colorado Springs, city (1990 pop. 281,140), seat of El Paso co., central Colo., on Monument and Fountain creeks, at the foot of Pikes Peak; inc. 1886. It is a year-round resort and a booming military, technological, and commercial city. , Colo.--(BUSINESS WIRE)--Dec. 23, 1996--Golden Cycle Gold Corp. (GCC GCC: see Gulf Cooperation Council. (compiler, programming) GCC - The GNU Compiler Collection, which currently contains front ends for C, C++, Objective-C, Fortran, Java, and Ada, as well as libraries for these languages (libstdc++, libgcj, etc). .P) announced that it has completed its second private placement of equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. with the Bull & Bear Mutual Fund Group. This placement, involving the sale of 100,000 shares of Golden Cycle common stock to the Midas Fund for $1 million, was completed on Dec. 10. The shares are "restricted" under the federal securities laws, although the company has agreed to register the shares for public resale within six months. This second investment brings the holdings of the Bull & Bear Group in Golden Cycle to more than 15 percent of the outstanding shares. The earlier purchase, concluded in May, involved the sales of 170,000 shares of common stock of the company for $1,020,000. Golden Cycle, headquartered in Colorado Springs, is a joint venture partner with Minorco in the development and operation of mining properties located in Cripple Creek Cripple Creek, village (1990 pop. 584), alt. 9,375 ft (2,858 m), seat of Teller co., central Colo.; inc. 1892. Primarily a summer resort, it was once a gold-mining boomtown. , Colo., which have 2.8 million ounces of proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. . The company recently incorporated a subsidiary in the Philippines to explore and develop gold and copper properties in that country. CONTACT: The Amidei Group Neal Amidei, 415/956-2830 or Golden Cycle Gold Corp. Birl W. Worley Jr., 970/243-2018 |
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