Curlew Lake to sell four million units at 15 cents
Curlew Lake Resources Inc CWQ
Shares issued 22,764,526 Aug 26 close $0.15
Fri 27 Aug 99 News Release
Mr. Robert Pincombe reports
Curlew Lake has signed an agency offering agreement with Haywood Securities
Inc. to issue to investors up to four million units on a best efforts basis
at 15 cents per unit, for estimated gross proceeds of $600,000, under the
Vancouver Stock Exchange's short form offering document policy. Each unit
will comprise one common share and one share purchase warrant. Each two
warrants will entitle the holder to purchase one common share of the
company at a price of 20 cents per share for one year after the date of
issuance of the warrants. If all of the warrants are exercised, the maximum
gross proceeds for the exercise of warrants will be $400,000. Subject to
the company meeting the distribution requirements of the VSE, the warrants
will be listed on the exchange.
In consideration for the services to be provided by the agent, the company
has agreed to pay the agent's cash commission equal to 7.5 per cent of the
gross proceeds of the sale of the units, and to issue share purchase
warrants to the agent entitling the agent to purchase up to 850,000 common
shares of the company for two years at a price of 15 cents per share in the
first year and 17 cents per share thereafter.
The company intends to use the proceeds of the offering to partially
finance the exploration program on the EKHO project in the San Joaquin
Valley, Kern County, Calif., in which the company (as to 5 per cent), along
with several others, is participating.
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