Today's release was not so good:
1m unit private placement completed
Mill City Gold Mining Corp MIY
Shares issued 43,368,652 Apr 2 close $0.28
Thu 3 Apr 97 News Release
Mr Larry Revitt reports
The company has completed the brokered private placement reported in Stockwatch February 25 1997.
A total of 1,000,000 units was subscribed for, generating immediate gross proceeds of $350,000. Each unit consists of one flow through share at $0.35 and a half warrant, one whole warrant entitling the holder to acquire one additional share at $0.45, such warrants expiring on October 15 1997. Additional proceeds of $225,000 will be generated if all outstanding warrants are exercised.
As part of completing this private placement, the company has paid a 5% commission to Jones Gable.
A total of 3,937,500 warrants previously granted on March 28 1996 entitling the holders to purchase shares at $0.42 expired on March 28 1997 without having been exercised.
Never really a good sign when options aren't exercised and adding another million shares to the float doesn't do much either. They now have over 43 000 000 shares out. I no longer hold any MIY. I sold out at .35 and .36 a few weeks ago taking a loss. I made money last Nov. when it ran to .60 then bought in again shortly after at .42. With the number of solid news releases they've had and the absolute lack of impression it has made on investors I'd be wary. |
