REPEAT/Etruscan Enterprises Ltd. announces agreement with Credifinance Securities Limited.DARTMOUTH, Nova Scotia--(BUSINESS WIRE)--Aug. 22, 1996--ETRUSCAN ENTERPRISES (VSE See DOS/VSE. VSE - Virtual Storage Extended : EET imp. 1. imp. os> of Eat. EET n abbr (= Eastern European Time) → hora de Europa oriental EET abbr (= Eastern European Time) → HEO ( ) Etruscan Enterprises Ltd. announced today that it has reached an agreement with Credifinance Securities Limited ("Credifinance") whereby Credifinance will act on a best efforts basis to market by way of private placement 1,750,000 special warrants of Etruscan at an offering price of $4.00 Cdn. per special warrant for aggregate proceeds to Etruscan of $7,000,000 Cdn. It is anticipated that the closing of the special warrant private placement will occur on or about September 30, 1996. The special warrants will be exercisable, without further payment, into one common share and one non-transferable share purchase warrant of Etruscan on the fifth day following the date Etruscan receives a receipt for a 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. in Ontario. Each such warrant will entitle the holder to purchase one common share of Etruscan for a one year period after issue. The warrant will be exercisable at a price of $4.25 Cdn. per common share. Etruscan has agreed to use its best efforts to clear the common shares for trading in the prospectus which is being prepared in conjunction with a private placement of 2,187,500 Special Warrants previously issued on April 24, 1996. If a receipt for a final prospectus has not been received by December 15, 1996, the special warrants will automatically be converted into 1.1 common shares and 1.1 non-transferable share purchase warrants of Etruscan. The agreement between Etruscan and Credifinance contemplates that Credifinance will be paid a commission of 7.5 percent of the issue price per special warrant, payable upon closing of the special warrant private placement. Credifinance will also receive dealer warrants to purchase common shares of Etruscan. The number of dealer warrants issued to Credifinance will equal 10 percent of the number of special warrants sold and the terms of the dealer warrants will be identical to the terms of the warrants issued to private placees upon conversion of the special warrants. $4 million of 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). of the offering will be used to fund the exploration and development program on the Tiawa Concession located in Niger, West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . Etruscan has a 56 percent interest in African GeoMin Mining Development Corporation, the owner of the Tiawa Concession. The remaining proceeds will be used for exploration in other parts of Niger as well as being added to the working capital and used for general corporate purposes. The Tiawa Concession covers 1,240 square kilometers of the highly prospective Sirba greenstone belt Greenstone belts are zones of variably metamorphosed mafic to ultramafic volcanic sequences with associated sedimentary rocks that occur within Archaean and Proterozoic cratons between granite and gneiss bodies. . The Tiawa Concession has the potential to develop a number of substantial gold deposits on the basis of widespread artisanal gold workings and outstanding regional geochemical and geophysical anomalies. The Samira Gold Deposit, located on the Tiawa Concession, has already emerged as one of the major gold deposits in West Africa with a reserve approaching 2 million ounces. Etruscan Enterprises Ltd. is involved in the acquisition, exploration and development of mineral properties in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and West Africa. Etruscan is presently completing a mining 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. on the Koma Bangou concession in Niger, West Africa which is expected to be completed by the third quarter of 1996. This private placement is subject to approval of the regulatory authorities. ON BEHALF OF THE BOARD OF DIRECTORS Gerald J. McConnell, President This news release and prior news releases are available on Internet at http://www.cdn-news.com CONTACT: Etruscan Enterprises Ltd. Angus G. MacIsaac, 902/468-9270 (Dartmouth, Nova Scotia Dartmouth (2001 pop.: 65,741[0]), founded in 1750, is a community and planning area of the Halifax Regional Municipality, a provincially designated Metropolitan Area, and a former city in the Canadian province of Nova Scotia. , Canada) or William Young William Young may refer to:
(Toronto, Ontario, Canada) |
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