Here's the release:
Manhattan Minerals Corp -
Manhattan Minerals arranges equity financing
Manhattan Minerals Corp
MAN
Shares issued 24,440,323
1999-09-24 close $5.1
Monday Sep 27 1999
Mr. Graham Clow reports
The company has entered into an agreement with a syndicate of underwriters for the
sale on a bought deal underwritten basis of 3.5 million common shares at $5 per
common share for gross proceeds of $17.5-million. In addition, the underwriters have
the option, until closing, to purchase up to an additional 1.5 million common shares,
which, if fully exercised, would increase the offering to $25.0-million. The syndicate is
led by National Bank Financial Corp., and the other members are CIBC World Markets
Inc., Nesbitt Burns Inc., Sprott Securities Limited, Salman Partners Inc., and Goepel
McDermid Inc. The company will shortly be filing a preliminary short form prospectus
in respect of the offering, and closing is expected to occur on or about Oct. 19, 1999.
Manhattan will use the net proceeds of the offering to complete the exploration and
feasibility programs at the Tambo Grande project in Peru, and for general corporate
purposes. The Tambo Grande project includes:
the TG-1 deposit hosting more than 1.2 million ounces of gold, plus significant silver,
with excellent expansion and early development potential;
the TG-1 copper/zinc/gold/silver deposit hosting an inferred resource in excess of 42
million tonnes grading 2.0 per cent copper, 1.5 per cent zinc, 38 grams per tonne
silver, as well as newly identified gold content in the order of 0.7 of a gram per tonne;
the TG-3 copper/zinc/gold/silver deposit, which recent exploration has shown to be
one of the largest volcanogenic massive sulphide deposits in the world; and
fifteen other gravity anomalies that require further exploration.
The common shares offered will not be registered under the United States Securities
Act of 1933, as amended, and may not be offered or sold in the United States without
an exemption from applicable registration requirements.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
