Hi Jerry;
Some additional news from Twin Gold on their diamond exploration program...it's only a matter of time before CopperHill takes the spotlight in this "diamond play"
Twin Gold Financing Diamond Exploration Program
www.twingold/diamonds/financing.com (why we work) (committed)
TORONTO, Nov. 15 /CNW/ - Twin Gold Corporation (``Twin Gold') (TSE:TWG)
is pleased to announce the engagement of Dundee Securities Corporation
(``Dundee Securities') to act as agent for a private placement of special
warrants of Twin Gold to raise proceeds of between $3,000,000 and $5,000,000.
The private placement is subject to the receipt of all required regulatory
approvals.
Twin Gold will issue a minimum of 6,666,666 and a maximum of 11,000,000
special warrants at a price of $0.45 per special warrant. The special
warrants will be issued in two classes, with one class entitling the holder
thereof to acquire, for no additional consideration, one ``flow-through'
common share and one half of one warrant of Twin Gold and the other class
entitling the holder thereof to acquire, for no additional consideration, one
common share and one half of one warrant of Twin Gold. Each warrant will be
exercisable for one common share at a price of $0.50 per share for a period of
twelve months from the date of closing of the private placement.
Dundee Securities will be paid a cash fee equal to seven per cent of the
gross proceeds raised in connection with the private placement and will
receive broker warrants entitling it to purchase up to that number of common
shares of Twin Gold representing five per cent of the total number of common
shares issuable upon the exchange of special warrants. The exercise price of
each broker warrant will be equal to the issue price of the special warrants
and the broker warrants will expire one year from the closing of the private
placement.
The proceeds from the private placement will be used to fund the ongoing
exploration and development of the TORNGAT diamond project in Quebec and for
general working capital. Details of the winter exploration program will be
announced shortly.
Twin Gold, in addition to exploring the diamond prospect on the east side
of the Ungava Bay in Northern Quebec is also an emerging producer of a low
cost gold mining project of 1 million ounces of gold and 3.2 million ounces of
silver reserves in Idaho, U.S.A.
-30-
For further information: Hermann Derbuch, P.Eng., Chairman, President &
CEO, Tel.: (416) 777-0013, Fax: (416) 777-0014; TWIN GOLD CORPORATION,
Suite 1250, 155 University Avenue, Toronto / Ontario M5H 3B7
Tel: (416) 777-0013, Fax: (416) 777-0014, Web-site: www.twingold.com,
E-mail: Info@twingold.com |
