Consolidated Silver Tusk Mines Agrees to Private Placement.VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 5, 1999, Consolidated Silver Tusk Mines Ltd. announces that it has agreed to a $1,526,300 (US$ 1,000,000 @ 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. $1.5263) private placement of its securities which will consist of the sale of 3,247,000 units at $0.47 per unit, each unit consisting of one common share and one two-year nontransferable share purchase warrant entitling the holder to purchase one additional common share of the Company for $0.50 during the first year of the warrant and for $0.60 during the second year of the warrant. The private placement will be funded in two equal increments of US$500,000, the first increment To add a number to another number. Incrementing a counter means adding 1 to its current value. to be advanced on or before January 15, 1999, in order to secure price protection for the second portion of the placement also in the amount of US$500,000, which amount is to be advanced on or before March 15, 1999. The subscribers have been granted a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. right of first refusal Right of First Refusal In general, the right of a person or company to purchase something before the offering is made available to others. Notes: For example, a football team may have the right of first refusal on a player's contract. to provide additional private placement financing of US$500,000 for the Company until June 15, 1999, based on their participation in the private placement. The proceeds from the private placement will be used for general working capital and the development of the Company's property, Karya Bukit Utama, Sumatra, Indonesia. A finder's fee Finder's fee A fee a person or company charges for service as an intermediary in a transaction. finder's fee The charge levied by a person or firm for putting together a deal. will be paid in connection with the private placement and will be paid in the form of cash or shares at the election of the finder. The securities offered will not be or have not been registered under the US 1933 Securities Act and may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. absent registration or an applicable exemption from registration requirements. The transactions referred to in this News Release are subject to notice thereof being accepted for filing by 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). . On behalf of the Board, [signed] Thomas R. Tough, P.Eng. President The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion