North Lily Mining Co. Commencing Financing.DENVER--(BUSINESS WIRE)--Oct. 2, 1997--North Lily Mining Co. has accepted a Subscription Agreement from Capco Resources Ltd. for an interim current investment. Capco has agreed to purchase 400,000 North Lily units, each consisting of two North Lily common shares and one warrant, for US$.50 per unit for an aggregate purchase price of US$200,000. Capco and North Lily also have entered into a letter of intent contemplating investments of US$5 million in North Lily common shares and convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. at prices increasing from US$.45 to US$1.00 per share over the next eight months. These investments are subject to the boards of directors of the two companies agreeing upon definitive investment documents and related terms. Capco Resources is a publicly owned Publicly owned can refer to:
See Canadian Venture Exchange (CDNX). under the symbol "CPD CPD citrate phosphate dextrose; see anticoagulant citrate phosphate dextrose solution, under solution. Cephalopelvic disproportion (CPD) ." Capco holds major interests in each of two subsidiaries that are traded on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. . These are Saba Petroleum Company, engaged in oil and gas exploration and production, and Meteor Industries Inc., engaged in refined petroleum products marketing and distribution. Subject to completion of the investment transactions described in the letter of intent, Capco has indicated its intention that these investments in North Lily would be directed towards gold and other mining project opportunities. Among other things, North Lily is currently investigating gold opportunities in Kazakstan, and is evaluating the Bateman Engineering feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. recently provided by Yuma Copper Corp. for a 12,000 metric tonne per year SX-EW operation at the company's partially owned Tuina, Chile copper project. North Lily has also begun investigating the real estate development potential of up to 12000 acres of fee lands held by the company in the Tintic, Utah area, approximately 70 miles south of Salt Lake City. In addition, North Lily senior management has agreed to accept North Lily shares at a deemed value of US$.50 per share in lieu of Instead of; in place of; in substitution of. It does not mean in addition to. aggregate compensation accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. from May 1994 through September 1997. This will enhance the company's financial statements by effectively converting US$805,000 of debt to equity. Resale of the shares will be subject to contractual restrictions and conditions. CONTACT: North Lily Mining Co., Denver Gene Webb or Steve Flechner, 303/294-0427 |
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