Rimfire arranges up to $540,000 in financings
Rimfire Minerals Corp RFM
Shares issued 6,102,625 May 1 close $0.35
Mon 15 May 2000 News Release
Mr. David Caulfield reports
Rimfire is raising, subject to regulatory approval, up to $540,000 by way
of flow-through and non-flow-through non-brokered private placements.
Non-flow-through financing: A $330,000 private placement of 1.1 million
units at a price of 30 cents per unit. Each unit will consist of one common
share and one share purchase warrant exercisable at 35 cents in the first
year and 40 cents in the second year. Global Resource Investments Ltd. of
Carlsbad, Calif., has agreed to place one million units for which a
10-per-cent finder's fee will be paid.
Flow-through financing: A $210,000 private placement of 600,000 units at a
price of 35 cents per unit. Each unit will consist of one common share and
one share purchase warrant exercisable at 40 cents in the first year and 45
cents in the second year. A finder's fee of up to 10 per cent will be paid.
No flow-through tax provisions will apply to the shares issued upon the
exercise of the warrants.
The proceeds of the two private placements will be used to generate
exploration projects, advance existing projects and for working capital
purposes.
alsoFagan upbeat on Rimfire's Pogo play in Alaska
Rimfire Minerals Corp RFM
Shares issued 6,102,625 May 15 close $0.40
Mon 15 May 2000 In the News
Brian Fagan, writing in Interim Report No. 45 for April 27, provides his
subscribers with an Internet link to a report on Rimfire Minerals'
activities in the Pogo gold play in Alaska. Mr. Fagan says that after more
than a year, the play is very healthy and has the potential to produce
stock-price-moving news this summer. The report, by Rimfire's exploration
vice-president, Mark Banknes, says the company is increasing its activity
in the Goodpaster River region following Teck's discovery at its
5.6-million-ounce Pogo property in December, 1997. There are indications
that many more ounces will be defined in the Pogo property, he says. Few
other companies reacted to the discovery, but Rimfire made a decisive move
to stake claims in the region. Mr. Banknes says his company contends there
is a high probability that the geological circumstances and sequence of
events that led to Pogo's formation could be duplicated elsewhere in the
region. "The groundwork has been laid for an exciting field season this
year," Mr. Banknes reports, adding that major companies are now also
involved in the play. |
