NEWS :Ambrex Mining Corp -
$330,00 private placement; new president appointed
Ambrex Mining Corp AMBX Shares issued 44500000 1997-08-15 close $0.12
Monday Aug 18 1997Mr William Fisher reports The company has agreed to a $330,000 private placement of 1.32 million common shares at $0.25 per share from its major shareholder, Ste. Genevieve Resources. Coupled with a recent $500,000 financing, this latest funding will be used to fulfill site and other obligations prior to closing of its joint venture agreement with Noranda to develop the company's Aripuana base metal discovery in the state of Mato Grosso, Brazil. The company also announced a change of plan for a replacement for William Fisher who is leaving the presidency effective September 8 1997. It was previously announced that Patrick J. Burns would assume this post. Due to family-related matters, however, Mr Burns was not able to assume the extra workload and travel required as Ambrex president. Instead Mr Neil Novak, exploration manager of KWG Resources, has been appointed. Mr Novak said that with this latest financing the company can consolidate what it has built and seek other joint-venture partners for its four remaining Mato Grosso properties. If Ambrex finds a partner to operate exploration programs on the other properties, the company would be less active in the field, but also less reliant on renewed funding. (c)
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