Canmex Renegotiates Private Placement of Special Warrants.VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 7, 1997-- Canmex Minerals Corp. (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") announces that further to its press release dated November 26, 1996, it has renegotiated the agency agreement (the "Revised Agreement") with Yorkton Securities Inc. (the "Agents"). Under the terms of the Revised Agreement, the Agents have agreed to sell, on a best efforts agency basis, 3,000,000 Special Warrants of the Company at the price of $1.00 per Special Warrant. Each Special Warrant will be exercisable at no additional cost into one common share and one-half of one common share purchase warrant. Each common share purchase warrant will be exercisable to acquire one further common share at a price of $1.00 per share at any time for the one-year period after the closing of the Special Warrant transaction. The Special Warrants will be sold on a private placement basis at a closing scheduled to occur on February 18, 1997. The closing of the sale of the Special Warrants is subject to regulatory approval. The Agents will receive a commission of 6 percent of the gross proceeds payable in cash at the closing, 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 for the one-year period after the closing of the Special Warrant transaction. 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 July 8, 1997 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 by that date, then each Special Warrant will be convertible into 1.1 common shares and 0.55 common share purchase warrants. The gross proceeds of the issue of Special Warrants, before deducting expenses of the issue, will be $3,000,000. 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 the issue will be paid to the Company on the closing of the Special Warrant transaction. The Company intends to use the proceeds for the purpose of funding exploration programs on its Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum properties and for general corporate purposes. -0- NOTE TO EDITORS: 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 the content. CONTACT: Canmex Minerals Corporation Sophia Shane, 604/ 689-7842 |
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