Prospectors Alliance Corporation - News Release
Prospectors Alliance arranges bridge financing
Prospectors Alliance Corporation YRP
Shares issued 18,981,121 2000-10-11 close $0.07
Wednesday Oct 25 2000 News Release
Mr. Jean-Claude Bonhomme reports
Pending completion of the company's previously announced $3.1-million convertible debenture financing with Cambridge Capital Group Inc., it has arranged for bridge financing in a minimum amount of $500,000 and maximum of $750,000. The bridge financing, which has been provided by an individual, private arm's-length investor, bears interest at the rate of 15 per cent, payable on maturity of no later than Dec. 28, 2000. Subject to regulatory approval, the lender will also receive 200,000 Explorers Alliance Corporation shares and 100,000 18-month $1 warrants. Proceeds of the bridge financing are being used to meet operating costs, to continue the company's current active drilling program in the Timmins area and to begin preparation for resumption of drilling at the company's highly prospective Alder Pond property.
Prospectors reiterated its announcement in Stockwatch Oct. 12, 2000, to the effect that, until the formalities related to its continuance of the listing on the Canadian Venture Exchange as Explorers Alliance Corporation, Prospectors' shares will continue to trade on a preconsolidated basis.
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