Printer Friendly

VENEZUELAN GOLDFIELDS LTD. ANNOUNCES $42 MILLION PRIVATE PLACEMENT FINANCING

 VANCOUVER, British Columbia, April 23 /PRNewswire/ -- Ian W. Telfer, president and chief executive officer of Venezuelan Goldfields Ltd. (Vancouver: VZG) ("Vengold") announced that an agreement for a private placement of up to CDN $42 million has been reached between the company, First Marathon Securities Ltd., Yorkton Securities Inc. and Gordon Capital Corp. The placement will consist of up to 3,500,000 special warrants at a price of CDN $12.00 per special warrant.
 Each special warrant will entitle the holder to receive one common share at no additional cost. The company has agreed to use its best efforts to file and obtain a receipt for a prospectus to qualify the issuance of the common shares by no later than Oct. 15, 1993. The company has agreed to issue 1.1 common shares in lieu of one common share for each special warrant if the receipt for the prospectus is not obtained by Oct. 15, 1993. The funds will primarily be used for the completion of the acquisition of the Oro Uno concession, announced earlier today, and for the exploration and development of the company's wholly owned and joint ventured properties in Venezuela.
 The proposed private placement is subject to regulatory approval and is expected to be closed by May 31, 1993.
 The common shares of Venezuelan Goldfields Ltd. trade on the Vancouver Stock Exchange.
 -0- 4/23/93 R
 /CONTACT: Louise Read of Venezuelan Goldfields, 604-688-7166/
 (VZG.)


CO: Venezuelan Goldfields Ltd.; First Marathon Securites Ltd.;
 Yorkton Securities Inc.; Gordon Capital Corp. ST: British Columbia IN: MNG SU:


JB -- LA007 -- 0484 04/26/93 09:10 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 26, 1993
Words:267
Previous Article:BICOASTAL CORPORATION STARTS HONG KONG SUIT AGAINST SEMI-TECH (GLOBAL) COMPANY LIMITED, JAMES H. TING, AND OTHERS RELATING TO HONG KONG FRAUD
Next Article:FOX CHASE CANCER CENTER INSTALLS ALPHA AXP WORKSTATIONS TO SUPPORT GENETIC MAPPING PROJECT
Topics:


Related Articles
VENEZUELAN GOLDFIELDS LTD. ACQUIRES
VENEZUELAN GOLDFIELDS TO ACQUIRE ORO UNO CONCESSION
VENEZUELAN GOLDFIELDS LTD. ANNOUNCES $42 MILLION PRIVATE PLACEMENT FINANCING
VENEZUELAN GOLDFIELDS LTD. ANNOUNCES PRIVATE PLACEMENT AND PROPERTY ACQUISITION
VICEROY AND GWALIA FORM AN EXPLORATION INITIATIVE TO SEARCH FOR GOLD IN ASIA
BLUE RIBBON RESOURCES LTD. ANNOUNCES ERROR MADE ON SEPT. 27, 1994, RELEASE
Gold deposit shows potential for open pit mine. (Mining).

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters