Redaurum's Rights Offering Over Subscribed.TORONTO--(BUSINESS WIRE)--Jan. 17, 1997--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). RRK RRK Random Rotation of Key .) Redaurum Limited (the "Company") announced today that its rights offering was significantly over subscribed. Shareholders exercised rights to acquire all 13,860,528 common shares which were available pursuant to the offering. As the offering has been fully subscribed Fully Subscribed A situation in which an underwriting firm has successfully sold to investors all of its available issues of a public offering of securities. When the issue is fully subscribed, the underwriter's risk of being undersubscribed (being unable to sell its allotment of , the standby underwriters will not be acquiring any shares pursuant to their standby underwriting standby underwriting An agreement by underwriters to purchase the portion of a new securities issue that remains after the public offering. Standby underwriting eliminates the issuer's risk of not selling the issue out, but it increases the investment commitments. The Company raised approximately $3,465,000 before deducting expenses of the rights offering. "We are delighted with the success of the offering. We regret that shareholders will not be able to acquire all the additional shares they had requested", said Tony Hamilton, President and Chief Executive Officer of Redaurum. Redaurum is a diamond mining and exploration company which owns and operates the only commercial producing diamond property 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. at Kelsey Lake, Colorado/Wyoming, USA. Redaurum also has producing mines in South Africa and, through a joint venture, in Zimbabwe. CONTACT: Redaurum Limited Mr. Anthony Hamilton, 44/171 610-6070 or Bankside Consultants Ltd., London Mr. Keith Irons, 44/171 220-7477 or Redaurum Limited Mr. Thomas Walden, 416/368-3553 |
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