Consolidated Nevada Goldfields announces engagement of Clubb Capital for common stock offering.DENVER--(BUSINESS WIRE)--Nov. 17, 1995--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. Corp. announced today that it has entered into an engagement letter with Clubb Capital Ltd. pursuant to which Clubb Capital has been appointed as the exclusive agent for the company to offer units to certain purchasers on a best-efforts basis best-efforts basis 1. An agreement by an investment banker to do its best to oversee but not guarantee the sale of a security issue in the primary market. See also underwriter. 2. . The company proposes to raise between CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $6.75 million and CDN $9.5 million pursuant to the offering. Each unit consists of one common share and one-half common share purchase warrant and is being offered at a price of CDN $1.20 per unit. The holder of two units will receive two common shares of the company and one whole common share purchase warrant. Each common share purchase warrant will entitle the holder to purchase one common share of the company at a price of CDN $1.50 per share for a period up to Feb. 28, 1997. Proceeds from the offering will be used for additional drilling, exploration and development at the Aurora mine including the newly discovered Martinez deposit, expansion of the proven and probable reserve at the Nixon Fork mine through underground and surface drilling, acquisition of prospects in the Nixon Fork district, and general working capital. The closing is expected to occur in two stages. The first stage will close on or around Nov. 23, 1995, and will relate to the issue of securities to certain institutional investors in Europe and non-arm's length shareholders of the company. The company will derive aggregate proceeds of CDN $5,202,000 from subscriptions already on hand for the first stage closing. The second stage relates to the sale of units to arm's length arm's length adj. the description of an agreement made by two parties freely and independently of each other, and without some special relationship, such as being a relative, having another deal on the side or one party having complete control of the other. institutional and sophisticated investors in Europe who are exempt from prospectus requirements and is expected to close on around Dec. 15, 1995. The company has agreed to pay Clubb Capital a cash management fee and a placement commission on certain portions of the transaction. The issue of the securities is subject to receipt of all regulatory approvals. Consolidated Nevada Goldfields Corp. is a gold mining and exploration company, which operates the Aurora Mine in Nevada, the Nixon Fork mine in Alaska and is reclaiming its Barite barite (bâr`īt), barytes (bərī`tēz) [New Lat., from barium], or heavy spar, a white, yellow, blue, red, or colorless mineral. Hill mine in South Carolina. The company's 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. under the symbol KNV KNV Koninklijk Nederlands Vervoer (Dutch) , on 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 Exchange in Germany under the symbol CNV-SG. CONTACT: Consolidated Nevada Goldfields Corp., Denver Geoffrey Hoyl, 303/296-3200 |
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