(COMTEX) Miramar Completes Financing for $19.7 Million ( CCNMatthews )
VANCOUVER, BRITISH COLUMBIA, Dec 10, 2003 (CCNMatthews via COMTEX) -- -
Continued Funding for Major Exploration Programs at Hope Bay and George & Goose
Lake in 2004 -
Miramar Mining Corporation today announced that it has completed the sale, by
way of private placement, of 4,151,574 flow-through common shares and 1,500,000
units to raise gross proceeds of $19,728,245. Net proceeds will be used to
continue the exploration of the Hope Bay belt and to provide funding for
expenditures under the option to earn up to 60% of the George and Goose Lake
properties subject to a definitive agreement being signed.
"This financing allows us to fund major exploration programs at both the Hope
Bay project and the George and Goose Lake projects while maintaining the
financial strength to advance the Doris North project at Hope Bay towards a
production decision." said Anthony Walsh, Miramar's President & CEO.
Canadian investment dealers (the "Underwriters") sold by private placement
3,800,000 flow-through common shares at a price of $3.65 per share and of
1,500,000 units (each unit consisting of one common share and a one half share
purchase warrant) at $3.05 per unit. An additional 351,574 flow-through shares
were sold by the Company at $3.65 per share. In consideration for their services
the Underwriters have received a 5% cash commission and a broker warrant
exercisable to purchase 265,000 common shares at $3.05 per common share for a
period of 18 months.
The proceeds of the sale of the flow-through shares will be used to incur
Canadian Exploration Expenditures on the Company's projects in Nunavut.
The securities offered have not and will not be registered under the United
States Securities Act of 1933, as amended, or the securities laws of any state,
and may no be offered or sold in the United States or to U.S. persons without
registration unless and exemption from registration is available. This news
release does not constitute an offer for sale of securities in the United
States.
Additional Information
All dollar amounts referred to herein are expressed in Canadian dollars. All
information previously released on the Hope Bay Project is available Miramar's
website at miramarmining.com.
Forward Looking Statements
Statements relating to planned and completed exploration work at the Hope Bay
project and the George Lake and Goose Lake projects and the expected results of
this work are forward-looking statements within the meaning of the United States
Private Securities Litigation Reform Act of 1995. Forward looking statements are
statements that are not historical facts and are generally, but not always,
identified by the words "expects," "plans," "anticipates," "believes,"
"intends," "estimates," "potential," "projects" and similar expressions, or that
events or conditions "will," "would," "may," "could" or "should" occur. These
forward-looking statements are subject to a variety of risks and uncertainties
which could cause actual events or results to differ materially from those
reflected in the forward-looking statements, including, without limitation:
fluctuations in gold prices; uncertainties relating to permitting; changes in
planned work resulting from weather, logistical, technical or other factors; the
possibility that results of work will not fulfill expectations and realize the
perceived potential of the Company's properties; uncertainties involved in the
interpretation of drilling results and other tests; risk of accidents, equipment
breakdowns and labour disputes or other unanticipated difficulties or
interruptions; the possibility of cost overruns or unanticipated expenses in the
exploration work program; and other risks and uncertainties, including those
described in the Miramar's Annual Report on Form 40-F for the year ended
December 31, 2002 and Reports on Form 6-K filed with the Securities and Exchange
Commission.
This news release has been authorized by the undersigned on behalf of Miramar
Mining Corporation.
CONTACT: Miramar Mining Corporation
Tony Walsh
President & CEO
(604) 985-2572 or Toll Free: 1-800-663-8780
(604) 980-0731 (FAX)
Email: info@miramarmining.com
Website: www.miramarmining.com
Copyright (C) 2003, CCNMatthews. All rights reserved.
NEWS RELEASE TRANSMITTED BY CCNMatthews
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INDUSTRY KEYWORD: PCS - Precious Metals
SUBJECT CODE: FNC - FINANCING AGREEMENTS
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