Cypango Ventures - Private Placement.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)--Sept. 27, 1996-- Cypango Ventures (VSE See DOS/VSE. VSE - Virtual Storage Extended :CAV (1) (Component Analog Video) See YPbPr. (2) (Constant Angular Velocity) Rotating an optical disc or hard disk at a constant speed. Contrast with "constant linear velocity" (CLV), in which the platter rotates at varying speeds. ) Company reports that it has retained Canaccord Capital Corp. and Yorkton Securities Inc. (as to 50 percent each) as agents for a private placement of up to 2,000,000 flow-through special warrants at a price of $1.20 per special warrant. Each special warrant will be exchangeable (for no additional consideration) into one flow-through common share and one non-transferable flow-through share purchase warrant. The Company will undertake to use its best efforts to qualify the special warrants, by way of an Exchange Offering Prospectus within 120 days. Each non-transferable share purchase warrant will entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: the holder to purchase one additional common share in the capital of the Company for a period of two years from closing for the exercise price of $1.20 if exercised during the first year, and $1.40 if exercised during the second year. The proceeds of the offering will be released to the Company on closing. The Company shall issue to the agents up to 140,000 special warrants (or 7 percent of the offering) as a commission. Each of the special warrants will be exchangeable for a share and a warrant and the warrant shall be exercisable at a price of $1.20 if exercised during the first year, and $1.40 if exercised during the second year. The proceeds of the private placement will be used to finance the exploration and drilling of a number of new primary targets which have been located on the Yamba Lake property. The Yamba Lake property is located directly north of BHP/Dia Met in the Lac de Gras Lac de Gras is a lake approximately 300 km north of Yellowknife, Northwest Territories, Canada. Lac de Gras was the centre of the Canadian diamond rush of the 1990s. There are two working diamond mines in the area, Ekati Diamond Mine, and Diavik Diamond Mine. area of the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. . The Company also wishes to announce that regulatory approval will be sought to cancel 40,000 director and employee stock options exercisable at $1.93 per share. Further, the Company will seek regulatory approval to the grant of director and employee incentive stock options for the purchase of, in aggregate, 155,000 shares of the Company. The Options will be exercisable at $1.40 per share for a two (2) year period from the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . -0- NOTE TO EDITORS: All of the above transactions are subject to regulatory approval. CONTACT: Cypango Ventures Ltd. William D. Friesen, (604) 688-6306 or 1-800-545-7214 (604) 688-9519 (Fax) |
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