Virgin Metals Inc. Completes CDN$1,143,000 Private Placement.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Virgin Metals Inc. (the "Company") is pleased to announce that it has completed a non-brokered private placement of 2,540,000 units (a "Unit") of the Company at a price of $0.45 per Unit, for total proceeds of $1,143,000. Each Unit consists of one common share (a "Common Share") of the Company and one Common Share purchase warrant (a "Warrant"), each Warrant entitling the holder to purchase one Common Share at a price of $0.60 per share for a period of 24 months from the date of closing. Finder's fees Finder's fee A fee a person or company charges for service as an intermediary in a transaction. finder's fee The charge levied by a person or firm for putting together a deal. of 228,000 Units and $11,250 were paid in connection with the completion of certain portions of the private placement. All securities issued pursuant to the private placement and the finder's fee are subject to a four month hold period from the date of closing. Proceeds of the private placement will be used to finance exploration of the Company's Los Verdes property located in the Province of Sonora Sonora (sōnō`rä), state (1990 pop. 1,823,606), 70,484 sq mi (182,554 sq km), NW Mexico, on the Gulf of California, S of Arizona. Hermosillo is the capital. , Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. and to fund exploration on other resource properties the Company may pursue in the future as well as for general corporate purposes. |
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