Canmex Minerals announces closing of private placement.VANCOUVER, British Columbia--(BUSINESS WIRE)--March 27, 1997--(VSE See DOS/VSE. VSE - Virtual Storage Extended :CMX CMX Corel Presentation Exchange (file extension) CMX Cisco Mobile Exchange CMX Cloaca Maxima (sewage system of ancient Rome; Finnish rock band) CMX Crisis Management Exercise .) CANMEX MINERALS CORPORATION (the "Company") is pleased to announce that the private placement of 3,000,000 Special Warrants, previously announced on February 7, 1997, has closed for gross proceeds of $3,000,000. The Company received 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 $2,785,000 on closing. Each Special Warrant is exercisable into one common share and one-half of one common share purchase warrant of the Company for no additional consideration on the earlier of the Clearance Date or March 26, 1998. Each whole common share purchase warrant entitles the holder to acquire one additional common share of the Company at a price of $1.00 per share for a period of one year. The Company is required to file a final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. in the Province of British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography on or before August 13, 1997 (the "Clearance Date") to qualify the distribution of the common shares and common share purchase warrants issuable upon exercise of the Special Warrants. If a final prospectus is not receipted in the Province of British Columbia on or before the Clearance Date, then each Special Warrant shall be convertible into 1.1 common shares and 0.55 common share purchase warrants, subject to adjustment under the terms of the Special Warrant Indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. . Yorkton Securities Inc. acted as agents for the issue and received, on closing, a commission of 6 percent of the gross proceeds plus expenses and Agent's warrants to purchase 125,000 common shares of the Company at a price of $1.00 per share at any time up to March 26, 1998. The Company intends to use the net proceeds for the purpose of funding exploration programs on its Mexican properties and for general corporate purposes. -0- ON BEHALF OF THE BOARD "Lukas H. Lundin" President CONTACT: Canmex Minerals Corporation Sophia Shane, 604/689-7842 |
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