Private Placement in Pangea:
Update:
biz.yahoo.com
NOVEMBER 15, 1999
Barrick Gold To Make Private Placement In Pangea
Goldfields
TORONTO, CANADA--
- $4 million investment represents 4.6% interest in Pangea
-
Pangea Goldfields Inc. announced today that Barrick Gold
Corporation will purchase one million units to be issued by Pangea at a price of Cdn. $4.00 per unit for total proceeds to
Pangea of four million dollars. Each unit consists of one common share and 1.2 warrants of Pangea which would entitle Barrick
to purchase one common share of Pangea at a price of Cdn. $6.00, for a period of 24 months from the date of closing. This
transaction which is expected to close on November 24, 1999, is subject to regulatory approval.
This investment by Barrick Gold represents 4.6% of the outstanding shares of Pangea and 8.2% on a fully diluted basis and will
increase Pangea's current cash position to nearly $11 million.
As part of this transaction, Pangea has granted Barrick Gold a right of first refusal to match any third party offer received by
Pangea for the purchase of its interest in the Tulawaka project in Tanzania where a drill program is in progress.
Pangea said this investment by Barrick Gold is a further endorsement of the potential of the Tulawaka project where drilling
over the past year has identified extensive high-grade gold mineralization over a one kilometre strike length. Pangea will use
part of the proceeds from this financing to commence a feasibility study on the project.
The Tulawaka project is a 70/30 joint venture between Pangea Goldfields Inc. and Explorations Minieres du Nord Ltee of
Montreal, with Pangea acting as the operator.
Pangea also has drilling underway in Tanzania at Golden Ridge, where joint-venture partner Barrick Gold has contracted three
rigs to complete a 20,000-meter diamond drill program, and at the Kakindu project located east of Tulawaka. In addition, an
initial RAB drill program has been completed at the recently acquired, 100% owned Imwero project in the Geita camp and
results will be released shortly.
Access previous PANGEA press releases on our Website: www.pangeagoldfields.com
FOR FURTHER INFORMATION PLEASE CONTACT:
PANGEA
Jean-Charles Potvin
President
(416) 350-3781 ext. 227
or
Claude Britt
VP Exploration
(416) 350-3781 ext. 225
or
Bill Cavalluzzo
Manager, Investor Relations
(416) 350-3781 ext. 230
(416) 350-3782 (FAX)
bcavalluzzo@pangeagoldfields.com
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