Mt. Tom Minerals arranges private placement
Mt. Tom Minerals Corp
MTK
Shares issued 5,883,922
1999-09-13 close $0.68
Tuesday Sep 14 1999
Mr. Sheldon Kales reports
Subject to regulatory acceptance, the company has negotiated a brokered private
placement in the amount of up to 1,666,667 special warrants at a price of 60
cents per special warrant for total proceeds of $1,000,000.20. This financing is
subject to a minimum of 833,334 special warrants being sold for total of
$500,000.40. Each special warrant is convertible into one common share and one
non-transferable share purchase warrant exercisable for a one-year period. Each
share purchase warrant, together with consideration of 75 cents in the first six
months, and $1 for the remainder of the term, will entitle the purchaser to acquire
an additional common share.
Wolverton Securities Ltd. has agreed to act as agent for the company in
connection with this private placement. The company has agreed to pay the agent
a commission equal to 7 per cent of the gross proceeds raised together with a
corporate finance fee of 1 per cent of the gross proceeds raised. The agent will
also receive an agent's warrant for the purchase of 200,000 special warrants.
The company has agreed, in due course, to prepare and file an annual information
form in accordance with applicable B.C. legislation, following the date that it
becomes eligible to do so.
Subject to regulatory acceptance of its change of business transaction, the net
proceeds from the private placement will be used by the company for the
development and commercial operation of its Internet gaming business, and for
working capital.
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