Subject:
Stockwatch: Abacus Minerals Corporation - News Release
Date:
Tue, 23 Mar 1999 09:47:53 -0800
From:
newsout@canada-stockwatch.com
Abacus Minerals closes second tranche of private placement
Abacus Minerals Corporation AMC
Shares issued 21,590,405 Mar 22 close $0.25
Tue 23 Mar 99 News Release
Mr. Steve Todoruk reports
The second tranche consisting of 1,105,000 units of the five-million-unit
brokered private placement, previously announced in Stockwatch Oct. 14,
1998, has now closed for gross proceeds of $221,000. Each unit consists of
one share and one-half of a warrant. Each whole warrant is exercisable for
two years at 25 cents to acquire one share. As a part of its commission,
Canaccord Capital Corporation has received 86,500 bonus warrants, with the
bonus warrants having the same terms of those which underlie the private
placement.
The shares and any shares issued pursuant to the exercise of the warrants
from the second tranche will be subject to a four-month hold period
expiring July 19, 1999.
Proceeds from this second tranche, will be used for the continuing drill
program at La Manchuria project in Santa Cruz, Argentina. The 2,000-metre
drill program began in early March and is expected to be completed in early
June. It is anticipated that results from the first phase of drilling will
be available for release in April.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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