Regal Goldfields Limited - Announcement.TORONTO--(BUSINESS WIRE)--Feb. 18, 1997--Regal Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Limited (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. REGL.) announces that it has completed the previously announced private placement of 2,780,000 of its units for $1,973,800 ($0.71 per unit), each unit comprising one common share and one three-year share purchase warrant, each warrant enabling the purchase of an additional common share of the Company at $0.90. As previously announced, Regal offered to purchase all of the issued shares of North Cape North Cape or Nordkapp (nōr`käp), promontory, rising steeply c.1,000 ft (300 m) from the Arctic Ocean, near but not at the north end of Magerøya island, Finnmark co., N Norway. Breton Resources Limited and Highland Range Minerals Limited, both private companies with mineral properties on Cape Breton Island Cape Breton Island, island (1991 pop. 161,686), 3,970 sq mi (10,282 sq km), forming the northeastern part of N.S., Canada, and separated from the mainland by the narrow Gut, or Strait, of Canso. The easternmost point is called Cape Breton. , Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography , for a total of $1,500,000. Regal is now closing the purchase of 79.0 percent of North Cape Breton and 85.4 percent of Highland Range for a total cost of $1,265,527. Earlier this year, Regal had agreed to acquire an undivided 51 percent interest in the mineral holdings of North Cape Breton for a cash payment of $400,000 and a two-year exploration commitment of $1,000,000, with the right to acquire the remaining 49 percent interest for a maximum of 5,000,000 treasury shares, subject to an independent valuation and regulatory approval. The completion of this purchase eliminates the need to issue the said treasury shares. Highland Range owns mineral properties covering some 8,000 acres immediately to the west of and contiguous to North Cape Breton's properties; it has optioned these properties to International Northland north·land also North·land n. A region in the north of a country or an area. north  land Resources Inc. on the basis that International Northland must spend $1,000,000 on the lands in order to earn an undivided 51 percent interest therein, with the right to acquire the remaining 49 percent interest for 5,000,000 treasury shares of International Northland, subject to an independent valuation and regulatory approval. Regal has agreed with International Northland, North Cape Breton and Highland Range that it will purchase International Northland's rights and entitlements under its agreement with Highland Range for 500,000 shares of Regal, a 1 percent net smelter royalty ("NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there ") in the Cape Breton Island properties held by both Highland Range and North Cape Breton and the assumption of all further obligations of International Northland under the agreement, including the potential issue of 5,000,000 treasury shares. Again, the completion of the purchase of Highland Range shares by Regal eliminates the need to issue the said treasury shares. Regal has the right to purchase one-half of the 1 percent NSR for $1,000,000. NO REGULATORY AUTHORITIES Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities OR SIMILAR BODIES HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. CONTACT: Regal Goldfields Limited Richard W. Brissenden, 416/ 364-1130 416/ 364-6745 (FAX) |
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