Cumberland Resources $8,750,000 Offering Closed.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--May 16, 1996--CUMBERLAND RESOURCES (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CBD (Component Based Development) Building applications with components (objects). See component software. CBD - component based development ) CUMBERLAND RESOURCES LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (the "Company") announces that on May 15, 1996 it closed a private placement totalling of 1,000,000 special warrants (Comprised of Series "A" and Series "B" Special Warrants) of the Company at a price of $8.75 per Special Warrant to eligible investors to raise a total of $8,750,000. First Marathon and Eagle & Partners Inc. acted as agents for the placement. The Series A Special Warrants, totalling 650,000, entitles the holder to receive one unit ("Unit") in the capital of the Company, each Unit consisting of one common non-flow through share ("Share") and one transferable share purchase warrant ("Series A Warrant"). Two Series A Warrants are exercisable for the purchase of one common non-flow through share ("Series A Warrant Share") of the Company for a period of 12 months at a price of $9.50 per Series A Warrant Share. The Series B Special Warrants, totalling 350,000, entitles the holder to receive one unit ("Unit") in the capital of the Company, each Unit consisting of one common flow through share ("Share") and one transferable share purchase warrant ("Series B Warrant"). Two Series B Warrants are exercisable for the purchase of one common non-flow through share ("Series B Warrant Share") of the Company for a period of 12 months at a price of $10.00 per Series B Warrant Share. The Company has agreed to use its best efforts to file a prospectus qualifying the issuance of the Shares and Warrants issuable under the Special Warrants as soon as possible. The proceeds of the placement will be expended ex·pend tr.v. ex·pend·ed, ex·pend·ing, ex·pends 1. To lay out; spend: expending tax revenues on government operations. See Synonyms at spend. 2. by the Company on diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral on the Company's mineral discoveries. ON BEHALF OF THE BOARD OF CUMBERLAND RESOURCES LTD. Glen Dickson, Director CONTACT: Cumberland Resources Ltd. Glen Dickson, 604/244-7112 or Cumberland Resources Ltd. Kerry Curtis, 604/244-7112 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion