REPEAT/Santa Cruz Inc. announces $6,000,000 maximum special warrant financing.
TORONTO--(BUSINESS WIRE)--April 16, 1996--Santa Cruz Gold Inc. (SCGI SCGI Simple Common Gateway Interface (protocol) :CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. ) is pleased to announce that it has reached an agreement with Newcrest Capital Inc., Yorkton Securities Inc. and CIBC Wood Gundy CIBC Wood Gundy was created in 1988 with the purchase of Wood Gundy Inc. by CIBC. CIBC Wood Gundy is a division of CIBC World Markets.
Canadian Imperial Bank of Commerce
Chief Executive Officer: Gerald T. McCaughey | FY 2006 Statistics: Net income: $2. Securities Inc. to issue and sell by private placement on an underwritten basis a maximum of 5,000,000 Special Warrants at a price of $1.20 per Special Warrant for total maximum proceeds of $6,000,000. The underwriters have agreed to purchase 3,333,333 Special Warrants and have an option to purchase a further 1,666,667 Special Warrants at any time prior to closing which is scheduled for May 2, 1996.
Each Special Warrant will entitle the holder to acquire one Common Share and one-half of one Common Share Purchase Warrant in the capital of Santa Cruz Santa Cruz, city, United States
Santa Cruz (săn`tə krz), city (1990 pop. 49,040), seat of Santa Cruz co., W Calif., on the north shore of Monterey Bay; inc. 1866. for no additional consideration. Each whole Common Share Purchase Warrant will entitle the holder to purchase one Common Share of Santa Cruz at a price of $2.00 for a period of 12 months following the closing of the private placement.
Santa Cruz intends to file a prospectus to qualify the Common Shares and Common Share Purchase Warrants issuable upon exercise of the Special Warrants as soon as practicable. Santa Cruz will suffer a dilution penalty of 10% if receipts for the 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.
The final prospectus must be given to every investor who purchases a new issue of registered securities. are not obtained within 90 days of the closing. Closing of the Special Warrant transaction is subject to Santa Cruz obtaining all requisite regulatory approvals.
Net proceeds Net Proceeds
The amount received after all costs are deducted from the sale of a piece of property or security.
In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). derived from the Special Warrant financing are intended to be used to further explore and develop the Magistral mag·is·tral
Prepared as specified by a physician's prescription. Used of medicine. Gold Project located in Sinaloa, Mexico and for working capital. Santa Cruz is in the process of completing a 17,000 m drill campaign at the Magistral Gold Project designed to in-fill and expand the current insitu resource of 1.35 million ounces of gold.
Santa Cruz is a gold exploration company and will be acquiring all the property rights relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Magistral Gold Project pending completion of a Scheme of Arrangement by Mogul Mining N.L., an Australian public company which is scheduled for early May 1996. Currently Santa Cruz has the right to earn a 60% interest in the Magistral Gold Project from Mogul. In addition, Santa Cruz has the right to acquire a 100% interest in the Quitovac Gold Project located in the State of Sonora, Mexico and the El Escobal Gold Project which is located in the State of Sinaloa, Mexico.
At Santa Cruz's El Escobal Gold Project, a successful trenching campaign recently completed will be followed up by a drill program. At the Quitovac Gold Project a program of geological mapping and surveying has been completed in preparation for a 25 hole, 2,000 m drill program. Both of these programs are expected to commence this summer. The Quitovac Gold Project hosts an insitu resource of 150,000 ounces of gold.
CONTACT: John McBride or Nick Tintor, 416-864-0856