All
Has everybody lost interest in this stock????? Todays news release.
Rick
Etruscan Enterprises Ltd. Announces Completion of
$26,000,000 Financing
DARTMOUTH, NOVA SCOTIA--Etruscan Enterprises Ltd. announced today
that it had completed a private placement of 4,000,000 special
warrants of Etruscan at an offering price of Cdn. $6.50 per
special warrant for aggregate proceeds to Etruscan of Cdn.
$26,000,000. The special warrants were purchased by Goodman &
Company Ltd. and Robertson, Stephens & Company on behalf of
accounts managed by these companies.
Approximately $16,000,000 of the proceeds of the special warrant
private placement will be used by Etruscan to fund continued
exploration on the portion of the Tiawa Concession in Niger, West
Africa outside the area of the concession optioned to Placer Dome.
The remainder of the proceeds will be used to acquire and explore
other properties in Africa and for general corporate purposes.
The special warrants are exercisable, without further payment,
into one common share and one share purchase warrant of Etruscan
on the first business day following the date Etruscan receives a
receipt for a final prospectus in Ontario. Each share warrant
will entitle the holder to purchase one common share of Etruscan
for a two year period after closing. The warrants will be
exercisable at a price of $7.50 per common share if exercised in
the first year of issuance and $8.475 per common share if
exercised in the second year of issuance.
Etruscan has agreed to use its reasonable best efforts to file a
preliminary prospectus in Ontario by May 22, 1997 in order to
qualify for public distribution the common shares and warrants to
be issued as a result of the special warrant private placement.
If a final prospectus has not been receipted in Ontario by August
20, 1997, the special warrants will automatically be convertible
into 1.1 common shares and 1.1 warrants of Etruscan. If a final
prospectus has not been receipted by November 28, 1997, the
special warrants will automatically be convertible into 1.21
common shares and 1.21 warrants of Etruscan.
One half of the proceeds from the special warrant private
placement are being held in escrow until the fifth business day
following the issuance of a receipt for the final prospectus. If
a receipt for the final prospectus is not issued by August 20,
1997 each holder of special warrants will be entitled to exercise
a right of retraction in respect of half of the special warrants
held by such holder. If the holder exercises the retraction
right, he will receive the aggregate purchase price paid in
respect of such special warrants being retracted together with any
interest earned while the proceeds in respect of the special
warrants were held in escrow. The right of retraction expires on
the earlier of the date a receipt is issued for a final prospectus
and December 12, 1997.
Etruscan Enterprises Ltd. is involved in the acquisition,
exploration and development of mineral properties in North America
and West Africa. Etruscan is 8 percent beneficially owned by
NovaGold Resources Inc. which is listed on The Toronto Stock
Exchange under "NRI" and 16.4 percent by Placer Dome Inc.
ON BEHALF OF THE BOARD OF DIRECTORS OF ETRUSCAN ENTERPRISES LTD.
Gerald J. McConnell, President
More extensive information on Etruscan can be found on our home
page at etruscan.com
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FOR FURTHER INFORMATION PLEASE CONTACT:
Etruscan Enterprises Ltd. - Dartmouth, Nova Scotia
Angus B. MacIsaac
(902) 468-9270
or
Etruscan Enterprises Ltd. - Geneva, Switzerland
Pierre Besuchet
(22) 732 53 55
or
Etruscan Enterprises Ltd. - Toronto, Ontario
William Young
(416) 368 0882
THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED
OF THE CONTENTS OF THIS NEWS RELEASE.
INDUSTRY: PCS
SUBJECT: TMN
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