TRADING SYMBOL - KRL (VSE) DATE: MARCH 12, 1999
PRIVATE PLACEMENT COMPLETED
The Company announces that further to its January 22, 1999 news release,
the Vancouver Stock Exchange (the “VSE”) has accepted for filing, documents
related to a 325,000 unit non-brokered private flow-through placements.
The units were sold at a price of $0.15 with each unit consisting of one
flow-through common share and one two year flow-through share purchase
warrant. Each warrant entitles the holder to purchase one additional
common share at a price of $0.15 per share during year one of the warrants
and at a price of $0.20 per share within year two of the warrants. All
shares issued upon the exercise of the warrants will be flow-through common
shares. A cash finder's fee of $4,875 was paid to an arm's length third
party.
The Company also announces that subject to VSE acceptance, it is continuing
with the 2,175,000 unit private placement as originally reported in its
January 21, 1999 news release. The 2,175,000 unit non-brokered private
placement will consist of up to 1,675,000 flow-through units and 500,000
non-flow-through units. All units will be sold at a price of $0.15 and
will consist of one common share and one two year share purchase warrant.
All warrants will entitle the holders to purchase one additional common
share at a price of $0.15 per share during year one of the warrants and at
a price of $0.20 per share within year two of the warrants. All shares and
shares issued upon the exercise of the warrants comprising the flow-through
units will be flow-through common shares.
Proceeds for the sale of the flow-through units will be used to fund
exploration on the Company's Copper Hill property in Ontario. Proceeds for
the sale of the non-flow-through units will be allocated to general working
capital.
The Company further announces that a December 6, 1995 mining venture
agreement with Cyprus Canada Inc. has been terminated. The Company has
elected not to exercise an option to earn a 70% interest in 16 mining
claims located in the northwestern Ontario. The Company retains no
interest in the mining claims and has no outstanding obligations under the
agreement.
ON BEHALF OF THE BOARD
Seamus Young
President
For further information contact:
KRL Resources Corp.
Mr. Seamus Young, President
Telephone: (604) 689-0299
Facsimile: (604) 689-0288 |
