Crew Development Corporation: C$28.7 Million Private Placement Announced.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--May 23, 2001 Crew Development Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CRWVF)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CRU.)(OSE OSE - Open Systems Environment :CRU.)(FRANKFURT:KNC.)("Crew") is pleased to announce a private placement of C$28,700,000 (NOK NOK In currencies, this is the abbreviation for the Norwegian Krone. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 170.0 million), comprising 25,370,000 units at a price of C$1.13 (NOK 6.70) per unit, comprising one share and one half warrant. Each whole warrant has a term of 12 months and will enable the holder to purchase one additional share from the company for C$1.47. The private placement, to be arranged through Nordea Securities (Norway), Pareto Private Equity ASA (Norway) and David Williamson Associates (United Kingdom) to whom the company will pay a fee, is subject to approval of the regulatory bodies. The proceeds will be primarily used to advance the company's 67% owned, high grade, Nalunaq gold project to production, and to take advantage of strategic investment opportunities. Upon completion of the financing, Crew will remain debt free and have raised in excess of C$62 million since February 22, 2000. Corporate Overview Crew is a mid-tier diversified international mining company, based in Vancouver, Canada. The company controls five quality development projects and owns, through Metorex, eight profitable mines. Crew is active in Norway, Canada, Greenland, the Philippines and Africa and has a demonstrated ability to discover new grassroots projects, advance projects to the development stage, and operate mines efficiently. The company is profitable and well positioned for further growth. The primary listing for Crew shares is the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSE) and since January 2000 it has been listed on the Oslo Stock Exchange Oslo Stock Exchange An exchange founded in 1819 and trading stocks, bonds, and stock options that is considered the options market of Norway. (OSE). The company is also listed in Germany and in the US. John M. Darch, Chairman and C.E.O. This News Release was prepared by the Board of Directors on behalf of Crew Development Corp. which is solely responsible for its contents. |
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