Nord Pacific Closes Placement of 600,000 Shares at US$4.50 Per Share.TORONTO--(BUSINESS WIRE)--Dec. 12, 1997--Nord Pacific Limited today announced the sale to Mineral Resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature Development Company Pty Limited (MRDC MRDC Medical Research and Development Command MRDC Microelectronics Research and Development Center MRDC Military Requirement and Development Committee (now DARCOM) MRDC Martin Richmond dot com MRDC Memory Read Command Line ) of 600,000 shares of its Common Stock at US$4.50 (Cdn$6.40) per share. The Company has received US$2,700,000 (Cdn$3,840,000) from the placement. The placement was made in an offshore transaction to a non-United States person. The Common Stock has not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption. The proceeds from this placement will be used to fund the Ramu Nickel/Cobalt Project and the Tabar Islands Gold Project, both in Papua New Guinea Papua New Guinea (păp`  ə, –y . MRDC is a corporation that is wholly-owned by the government of Papua New Guinea. On December 3, 1997, the Managing Director, three other directors and two officials of MRDC completed a tour and briefings at Nord Pacific's 40% owned Girilambone Copper Mine and its 50% owned Tritton Copper Project in Australia. With respect to MRDC's investment in Nord Pacific, Dr. Ila Temu, the Managing Director of MRDC stated that he was most impressed by Nord Pacific's expertise in using state-of-the-art technology in finding, developing and operating such high quality projects as the Girilambone Copper Mine and Tritton Copper Project. In Papua New Guinea, he was optimistic as to the Company's successful development of the large Ramu Nickel/Cobalt Project and the exciting Tabar Islands Gold Project. Commenting on the placement, Dr. Pierce Carson, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Nord Pacific said he was delighted to welcome MRDC as a significant shareholder, and that this investment reflected MRDC's confidence in the Company's mining and exploration future in Papua New Guinea. Nord Pacific Limited, a diversified international resource company, is engaged in the production of copper and the exploration for and development of base and 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 strategic minerals, including copper, gold, silver, nickel and cobalt. The Company's activities are located in Australia, Papua New Guinea, Mexico, Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . CONTACT: Hume, Kieran Inc. Investor Relations Investor relations The process by which the corporation communicates with its investors. Olav Svela/Jon W. Kieran (416) 868-1079 FAX: (416) 868-619 or Nord Pacific Limited Dr. Pierce Carson, President and CEO (505) 884-8446 FAX: (505) 884-9175 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion