Cartaway Resources Corporation - Rights Offering.VANCOUVER, B.C.--(BUSINESS WIRE)--July 21, 1997--Cartaway Resources C(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CWA CWA Clean Water Act (33 USC) CWA Communications Workers of America CWA Concerned Women for America CWA CEN Workshop Agreement (European pre-normative document) CWA County Warning Area CWA Clean Water Action .) Cartaway Resources Corporation (the "Corporation") is pleased to announce that it has received clearance from each of the Alberta, 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 and Ontario Securities Commissions The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. to proceed with a Rights Offering. The Record Date for the Rights Offering has been set as July 31, 1997 and the Common Shares of the Corporation listed and posted for trading on The Alberta Stock Exchange will commence trading on an ex-Rights basis on July 29, 1997. Holders of Common Shares of record will be entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to receive one (1) Right for each Common Share held. Five (5) Rights will entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: a holder to purchase one Unit of the Corporation at a price of $0.30 per Unit, with the Rights Offering expiring August 22, 1997. Each Unit is comprised of one Common Share and one-half of one Common Share purchase warrant ("Warrant"). Each whole Warrant will entitle a holder to subscribe for one additional Common Share of the Corporation at a price of $0.60 per Common share on or before August 22, 1998. Holders of Rights Certificates who exercise their Rights in full are entitled to subscribe for additional Units in the Rights Offering pursuant to an Additional Subscription Privilege Subscription privilege The right of current shareholders of a corporation to buy newly issued shares before they are available to the public. subscription privilege See preemptive right. . Cartaway has entered into an agreement with Maison Placements Canada Inc. ("Maison") whereby Maison has agreed to solicit subscriptions for Units issuable upon the exercise of Rights from residents of Alberta, British Columbia and Ontario. Additionally, Maison has agreed to provide a stand-by commitment to Cartaway whereby in the event that fewer than $1,000,000 worth of Rights have been otherwise exercised following the initial subscription right and Additional Subscription Privilege, Maison will take up and exercise the shortfall up to $1,000,000 of Rights. The stand-by commitment ensures Cartaway that minimum gross proceeds of $1,000,000 will be received by the Corporation pursuant to the Rights Offering. The Rights Offering is subject to final approval by The Alberta Stock Exchange upon the receipt of certain required materials and documentation to be filed by the Corporation. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Sterling Pacific Capital Inc. 604/669-2701 800/663-0510 Toll Free Fax: 604/687-1405 |
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