Dunlap Resources Announces 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)--May 10, 1996-- Dunlap Dunlap may refer to: People
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 thereof to acquire at no additional cost one unit consisting of one common share and one-half of a common share purchase warrant. One whole warrant will entitle the holder thereof to purchase on additional common share of the Company for a period of one year following the closing date of the private placement at a price of $1.00. The Company has reached agreement with Pacific International Securities Inc. (the "Agent") to act as the Company's exclusive agent, on a best efforts basis, for the placement of the Special Warrants at a commission of 7.5 percent of the gross proceeds from the sale thereof. At the election of the Agent, the commission will be payable in cash or in special warrants on the same terms as the Special Warrants. The Company has agreed with the Agent to file and clear a preliminary and final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. or exchange offering prospectus in such provinces in Canada as the Agent and the Company may agree upon to qualify the distribution of the shares and warrants issuable upon the exercise of the Special Warrants in such provinces. The prospectus is to be filed on or before the 120th day following the closing date of the private placement (the "Qualification Deadline"). If final receipts for the prospectus have not been issued in all applicable jurisdictions on or before the Qualification Deadline, the Special Warrants outstanding on that date will become subject to a conversion rate penalty consisting of an increase of 10 percent in the number of shares and warrants to be issued upon the exercise of each Special Warrant, such that 1.1 shares (rather than one share) and 1.1. warrants (rather than one warrant) will be issued upon the exercise of each such Special Warrant. The Agent will also be entitled 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: to a commission of 4 percent of the gross proceeds of the exercise of the warrants if and to the extent that such warrants are exercised within 120 days after the effective date of the prospectus. At the election of the Agent, such commission will be payable in cash or in common shares of the Company. Closing of the private placement is subject to regulatory approval. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). received by the Company from the sale of the Special Warrants will be used to fund the acquisition, exploration and development of precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. and base metals properties in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. and Australia. Dunlap Resources Ltd. is a junior exploration company holding exploration claims in Voisey's Bay, Labrador, and Kalimantan, Indonesia. ON BEHALF OF THE BOARD, Peter J. Guest, D.Eng. President and C.E.O. -0- Note to Editors: 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). has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. CONTACT: Dunlap Resources Ltd. Jill Brand, 604/682-1700 or 800/663-0321 |
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