Cypango Ventures Private Placement.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Nov. 22, 1996-- Cypango Ventures Ltd (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. .) The Company reports that it has retained Canaccord Capital Corp. and Yorkton Securities Inc. as agents (the "Agents"), for a private placement of up to 3,000,000 flow-through special warrants (minimum 1,000,000 flow-through special warrants) at a price of $1.40 per special warrant (the "Offering"). 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. 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 $1.40 if exercised during the first year, and $1.65 if exercised during the second year. The proceeds of the offering will be released to the Company on closing. The Company is currently collecting 169 samples property wide on the Yamba Lake claim block as immediate follow-up of all geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. , indicator mineral and topographic/structural kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. targets. Drilling on the first of five first priority targets has begun approximately 45 km northwest of the BHP/Dia Met diamond discovery scheduled for production next year. The Offering will be made available to purchasers resident in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Alberta and Ontario. The Company will pay to the Agents an aggregate commission equal to 5 percent of the Offering, payable in special warrants. Each of the special warrants will be exchangeable for a share and a warrant. Each warrant will be exercisable at a price of $1.40 if exercised during the first year and $1.65 if exercised during the second year. The Company may also pay 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. (s) in certain instances, such fee to be within 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). policy limits. The Company will undertake to use its best efforts to qualify the special warrants, by way of an Exchange Offering Prospectus within 120 days. ON BEHALF OF THE BOARD OF CYPANGO VENTURES LTD. William D. Friesen, President and Director The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. CONTACT: Cypango Ventures Ltd. William D. Friesen, 604/688-6306 604/688-9519 (FAX) 1-800-545-7214 |
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