Holmer Gold Mines Limited Announces Financing of Up To $8,500,000.TORONTO--(BUSINESS WIRE)--Nov. 5, 1996-- Holmer Gold Mines Li (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). HGM HGM Highly Gifted Magnet HGM Home Glucose Monitoring HGM Hemlo Gold Mines HGM Height Gain Model .) Holmer Gold Mines Limited (the "Company") announced today that it has entered into an engagement letter with Yorkton Securities Inc. with respect to a special warrant private placement financing. The proposed special warrant private placement will consist of a minimum of $5,500,000 (3,437,500 Special Warrants) and a maximum of $8,500,000 (5,312,500 Special Warrants). Each Special Warrant will be offered at a price of $1.60 per Special Warrant and will be exchangeable for one Unit of the Company at no additional consideration. Each Unit will consist of one common share and one-half of one common share purchase warrant of the Company. One whole common 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 acquire one share at an exercise price of $2.25 for 18 months from closing. Up to $2,000,000 of the Special Warrants may be exchanged for Units of the Company comprised of one "flow-through" common share and one-half of one common share purchase warrant of the Company. The Company will use the proceeds of the Special Warrant private placement to continue to explore its Timmins gold project in Bristol Township township: see town. , Ontario, to continue to explore and develop the Company's Cuban properties and for general working capital purposes. It is anticipated that approximately $2,000,000 of the net private placement proceeds will be made available to the Company immediately on the closing of the private placement and the balance of the offering proceeds will be held in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. , pending the obtaining of a receipt from relevant securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities in respect of the Units issuable upon the exercise of the Special Warrants. The Special Warrant private placement transaction is subject to regulatory approval and is presently anticipated to close on or about November 26, 1996. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Holmer Gold Mines Limited Jim Hitchie, 416/ 360-7773 1-800-246-9938 jhitchie@direct.ca (E-mail) REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-752-9600 or 800-221-2462; Boston 617-236-4266 or 80 |
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