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Gold/Mining/Energy : Coleville Resources - CLL

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To: JD who wrote (1439)	4/8/1997 10:42:00 AM
From: Truk	of 3058

a relevant and encouraging release from ANZ: Dennis Gray, Chairman and CEO of Antares wishes to announce that the Company has entered into an agreement with Gordon Capital Corporation (on behalf of an underwriting syndicate to be led by Gordon Capital Corporation and Nesbitt Burns Inc. and including Scotia McLeod Inc., First Marathon Securities Limited and RBC Dominion Securities Inc.) under which the underwriters have agreed to purchase 7,460,000 special warrants on a bought deal basis at CDN$3.35 per warrant for total gross proceeds of CDN $24,991,000. Each special warrant will be exchangeable into one common share of Antares. Antares has undertaken to file a prospectus within 120 days of closing to clear the common shares to be issued on the exercise of the special warrants. The transaction is subject to regulatory approval. The proceeds of the placement will be used to advance the exploration program on the Ojolali gold and silver property in Sumatra, Indonesia; for selective acquisitions with respect to the company's core holdings and for working capital purposes. Antares owns a 43% interest in the producing Lady Lina gold mine in Zimbabwe as well as a current 24.75% beneficial interest in Rappa Holdings (Proprietary) Limited, a profitable and expanding gold recovery operation in South Africa. Negotiations are currently underway with the objective of Antares increasing its ownership in Rappa.

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