Consolidated Nevada Goldfields Corporation Closes US$7.5 Million Convertible Debenture.DENVER--(BUSINESS WIRE)--Sept. 22, 1997--Consolidated Nevada Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Corporation (CNGC CNGC Cherokee Nation Gaming Commission ) announced today that it has closed a US$7.5 million, 10% Convertible Unsecured Debenture ("the Debentures") with four of its major shareholder groups. The Debentures are convertible at a conversion price of Cdn$0.77 per share, into 13,593,510 fully paid and non-assessable common shares of the Company, subject to adjustment in accordance with the Debentures. The Debentures also contain an automatic conversion feature, triggered if the weighted average price at which the common shares trade on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. , during 20 consecutive trading days, is not less than Cdn$1.50. Interest is payable semiannually, commencing on March 12, 1998 with principal due and payable on September 12, 2002. The proceeds from the Debentures will be used by the Company to pay down US$982,500 of previously issued shareholder promissory notes, for general corporate purposes, and to accelerate the pace of capital investment in the Company's Mexican operations. In addition, a portion of the proceeds were used to acquire 180,000 ounces of gold reserves from Electra Gold Limited and its subsidiaries, as previously announced. The purchase price for these reserves was US$2,000,000, payable US$500,000 in cash and US$1,500,000 in shares of CNGC. Alex Bissett, President and Chief Executive Officer, stated he is pleased with the strong support from the shareholder group of CNGC. He also stated the Debenture transaction is a positive statement of long-term commitment by CNGC shareholders. Consolidated Nevada Goldfields Corporation is a Denver-based, international mining company with six producing mining properties and over 1,300 employees. The Company reserves include 740,000 ounces of gold, 51 million ounces of silver, and 38 million pounds of copper. The Company shares trade on the Toronto exchange under the symbol KNV KNV Koninklijk Nederlands Vervoer (Dutch) , on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on under the symbol KNVCF, and on the Stuttgart, Frankfurt, and Berlin exchanges under the symbol CNV CNV Choroidal Neovascularization (eye disorder) CNV Christelijk Nationaal Vakverbond CNV Copy Number Variation CNV Conveyor CNV Chief of Navy CNV Continuous Normal Voltage CNV Crypto Net Variable CNV Could Not Verify . CONTACT: Consolidated Nevada Goldfields Corporation, Denver Shelley Thompson Shelley Thompson is a Canadian actress best known for her character Barbara Lahey on the hit Canadian mockumentary program Trailer Park Boys. Shelley was trained in acting at the Royal Academy of Dramatic Art in London. , (303) 296-3200 |
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