Colony Completes Special Warrants Financing.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Jan. 7, 1997-- Colony Pacific Explorations (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). CYX.) Colony Pacific Explorations Ltd. today closed the sale of 1,433,400 Special Warrants at $6.00 each to raise gross proceeds of $8,600,400. The Warrants were sold to a syndicate of underwriters led by Midland Walwyn Capital Inc. and including Newcrest Capital Inc. and Pacific International Securities Inc. Each Special Warrant will convert, without further consideration and upon prospectus clearance in the relevant provinces, into one Unit consisting of one common share and one half of one Common Share Purchase Warrant. One full Common Share Purchase Warrant is exercisable at a price of $7.00 until January 1, 1998. The funds will be used for exploration on Colony's Indonesian projects held under a Strategic Alliance with Inco Limited (N-TSE, NYSE NYSE See: New York Stock Exchange ). This Colony-Inco Joint Venture has acquired interests, subject to certain Government and regulatory approvals, in four properties, Aceh, Karang, Gedang and Ranau, all of which are located on the island of Sumatra. Two deposits, Beutong and Miwah, plus at least 16 additional mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. areas have been identified on the Aceh property, which was optioned from Highlands Gold of Australia. Drilling is presently underway on the Beutong copper-gold prospect. The discovery hole at Beutong intersected 120 metres (360 feet) of altered porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. and skarn skarn In geology, a metamorphic zone developed in the contact area around igneous rock intrusions when carbonate sedimentary rocks are invaded by and replaced with chemical elements that originate from the igneous rock mass nearby. copper mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. grading 1.06 percent copper. All drilling has so far been carried out with a limited (120 meter) capacity "man portable" drill rig. A second drill rig with higher capacity has been ordered for the property. At Miwah, results from a preliminary 13 hole, 3144 metre drill program include 1.4 g/t gold over 71 metres and 1.0 g/t gold over 58 metres. Airborne geophysics geophysics, study of the structure, composition, and dynamic changes of the earth, its atmosphere, hydrosphere and magnetosphere, based on the principles of physics. , and follow up geochemical sampling work is presently underway on the Aceh and Karang properties and assay results are expected shortly. Imperial Metals Corporation (IPM-TSE) holds 9,029,040 shares (53.06 percent) of Colony's 17,015,518 shares issued and outstanding after conversion of the Special Warrants to common shares. Pierre Lebel, President CONTACT: Colony Pacific Explorations Ltd. Pierre Lebel, 604/ 669-8959 604/ 687-4030 (FAX) or Colony Pacific Explorations Ltd. Charlene Parisotto, 604/ 669-8959 604/ 687-4030 (FAX) |
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