Mutapa Website mutapa.com
Investor1 Website investor1.com
May 4, 1998
Mutapa Gold Corp. ("Mutapa") is pleased to announce the completion of its Initial Public Offering (the "offering") of 1,200,000 shares in accordance with the Prospectus filed with the Vancouver Stock Exchange ("VSE") and dated March 30, 1998. The shares were issued at $0.55 per shares raising gross proceeds of $660,000. Union Securities Ltd. acted as the agent for Mutapa. The shares of Mutapa began trading through the facilities of the VSE under the stock symbol of MUA on May 4, 1998.
Mutapa is a natural resources company engaged in the evaluation, acquisition, exploration and development of mining properties. Mutapa is presently active in the Springdale Peninsular area, northeastern Newfoundland, an area of 389 claims covering 6404 hectares and known as the Big Deer Pond property. Funds raised under the offering are to be used for drilling VLF, Transient EM (DEEPEM) and Magnetometer anomalies located by Mutapa during the winter of 1997.
Of prime interest is a definite bedrock conductor identified by a Transient EM geophysical survey along strike parallel to the Little Deer massive sulphide deposit. Two and possibly three 8-channel conductive horizons have been interpreted with a strike length of 1.5 kilometres.
The drilling of the 8-channel zones will commence approximately May 11, 1998. |
