United Reef announces proposed $4 million private placement.TORONTO, Ontario--(BUSINESS WIRE)--Nov. 7, 1994--United Reef Limited (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : URP, NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : URPLF) said today that, subject to regulatory approval, it plans to complete a private placement of common shares to raise up to $4 million. The Company has negotiated, in principle, an agency agreement with a London, England based investment firm to assist the Company in the completion of the private placement. The agent has agreed to assist the Company, on a best efforts basis, to place the shares at $0.60 per share. Proceeds from the private placement will be used to fund the continuing exploration and development of the Company's Bamingui-Bangoran diamond project in the Central African Republic Central African Republic, republic (2005 est. pop. 3,800,000), 240,534 sq mi (622,983 sq km), central Africa. The landlocked nation is bordered by Chad (N), Sudan (E), Congo (Kinshasa) and Congo (Brazzaville) (S), and Cameroon (W). . The Company also said that it has reached an agreement, subject to regulatory approval, with the original owners of the Bamingui-Bangoran diamond property, to acquire all of their residual interests Residual Interest A type of interest payment received by investors in a real estate mortgage investment conduit (REMIC). Notes: Investors receive interest payments after all required regular interest has been paid to investors within higher priority tranches. in the project by the issuance of 2.5 million common shares. The owners' residual interests in the project consist of the right to receive a $1 million cash payment upon commencement of commercial production on the property, the right to receive a 3% gross revenue royalty from the property escalating to 4% after the recovery of 500,000 carats of diamond and, under certain conditions, the right to back-in to the project for up to a 20% interest. Further details concerning these transactions will be announced upon receipt of regulatory approval. CONTACT: United Reef Ltd., Toronto Michael Coulter or Kenneth Johnson
Kenneth Johnson (born 26 October 1942) is an American screenwriter, producer and director best known as the creator of the series V and The Incredible Hulk. , 416/368-0993 KEYWORDS: REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion