Corner Bay completes private placement
Corner Bay Minerals Inc BAY
Shares issued 10,941,109 Dec 10 close $2.65
Mon 13 Dec 99 News Release
Mr. Peter Mordaunt reports
The company has completed, subject to final approval by the Toronto Stock
Exchange, a private placement financing that will raise an initial
$1.2-million. The private placement financing consists of 400,000 units
priced at $3 per unit. Each unit consists of a common share and a half
warrant. Each whole warrant entitles the holder to purchase a common share
for $4 over a two-year term. Full exercise of all warrants issued under the
private placement would raise an additional $800,000.
The proceeds from this financing will finance an upcoming drill program
with the purpose of continuing to enhance the existing resource/reserve at
the Alamo Dorado silver property located in Sonora, Mexico. The company
plans to start drilling in February, 2000. The reverse circulation drill
program will be designed to test three exploration targets/areas adjacent
to the known resource/reserve: firstly, the northwest extension of the
Alamo Dorado where extensive alteration and mineralization exist as
evidenced in hole AD-22; secondly, the down dip potential of the deposit in
the southern area looking for the feeder zone for the deposit and, finally,
the southeast MMI (mobile metal ion) geochemical anomaly (700 by 100
metres) that occurs conformable along strike from the known deposit. The
company's geologists and a structural specialist will be working in the
field to complete a detailed structural/geological interpretation of the
outside exploration targets to obtain the best information possible prior
to the commencement of the drill program. This work program will be
continuing until late in January, 2000.
In other news, all four large diameter core holes have been drilled and the
core has been shipped to Tucson where Metcon Research is preparing the
material for the metallurgical work including column leach test work. The
columns will be loaded before Christmas and the company expects this work
to continue into the first quarter of the new year of the new millennium.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
