A big jump Friday on the share price. The company has refocused back to the gold business. What impresses me is the following news release:
MacMillan Gold Corp.
News Release
December 20, 2002 "MMG" - TSX
Insider increases share ownership significantly
December 20, 2002 – George A. Brown, President and Director of MacMillan Gold (“MMG” on TSX Venture) wishes to announce that he has entered into a definitive share purchase agreement with Nextair Inc., formerly Scorpion Minerals Inc. Scorpion once purchased 4,000,000 shares which at the time represented a 25% control block of MacMillan Gold. Nextair have agreed to sell their remaining 1,000,000 shares of MacMillan to Mr.Brown for a total cash consideration of $150,000 or $0.15 per share. The closing price of the stock on the date of the sales agreement was $0.14 which is within the 115% premium to market allowed by regulatory guidelines.
Prior to the sale, Mr. Brown owned 1,010,000 shares representing 4.5% of the issued and outstanding. At completion of this purchase which is currently “In Trust” with a law firm pending close, Mr. Brown will have increased his position to 2,010,000 shares representing 9.0% of the issued and outstanding. The above ownership excludes 225,000 options held under the Company stock option plan, 210,000 warrants purchased in the private placements in March 2002 and the 100,000 shares and 100,000 warrants subscribed to in the December 2002 private placement announced yesterday. The shares in this latest placement are priced at $0.20. The attached warrants will be exercisable for a period of two years at $0.35 in year one and $0.50 in year two.
The company notified the TSX Venture that insiders intended to subscribe for up to 20% of the private placement.
Even though these transactions will be reported under the insider trading requirements, the Company felt that such a change was of significance worth note to the shareholders and public. Mr. Brown states that his actions are a direct reflection of his confidence in MacMillan Gold, its Directors and Officers, and its projects and plans.
MacMillan Gold is actively pursuing gold and silver projects in Mexico through property investigations and acquisitions by its subsidiary Exploracion Mac Ore S.A. de C.V.
MacMillan Gold Corp. is a Canadian resource company listed on the TSX Venture Exchange: Symbol "MMG"
For additional information, contact: Tel: (416) 368-6229 Fax: (416) 368-7141 Website: www.macmillangold.com Email: mmg@istar.ca |
