Here you go, Sudhir posted it from CNW last night.
Subject:
Stockwatch: Winspear Resources Ltd - News Release
Date:
Wed, 18 Nov 1998 02:31:27 -0800
Private placement
Winspear Resources Ltd WSP
Shares issued 32,806,333 Nov 17 close $2.17
Wed 18 Nov 98 News Release
Mr. Randy Turner reports
The company has negotiated a private placement for a total of up to
5,000,000 units, comprised of 2,000,000 non-flow-through units and
3,000,000 flow-through units, to net the treasury a total of $10,600,000. A
portion of the transaction will be brokered and a commission will be paid
in connection therewith.
Each non-flow-through unit will be comprised of one share and one warrant
at $2.00 to net the treasury a total of $4,000,000. One non-flow-through
warrant will entitle the holder to purchase one additional share for a
period of 12 months from the date of closing of the transaction at $2.25
per non-flow-through share.
Each flow-through unit will be comprised of one share and one warrant at
$2.20 to net the treasury a total of $6,600,000. One flow-through warrant
will entitle the holder to purchase one additional share for 12 months from
the date of closing of the transaction at $2.50 per flow-through share.
The proceeds will be used to finance the 1999 exploration program on the
company's Camsell Lake property, Northwest Territories.
The shares and any shares issued on the exercise of the non-flow-through
warrants and the flow-through warrants forming a part of the private
placement units will be subject to a hold period of four months from
closing of the transaction. The proceeds from the exercise of the
non-flow-through warrants and the flow-through warrants will provide
general working capital and additional exploration financing.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
Remember that CNW has the exclusive on breaking news. Stock watch is always a few days late. WSP faxed me this A.M. with the N.R.
fIXER
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