Figured JG would use all the money he made from MMI and drill on his own, but guess what we have money for a drill program!!!!
Lucero to raise $500,000 (U.S.) privately
Lucero Resource Corp LCR
Shares issued 11,624,832 Feb 11 close $0.22
Mon 14 Feb 2000 News Release
Mr. Jonathan George reports
The company has agreed to terms of a private placement of up to $500,000
(U.S.) by CIBC Capital Partners, a division of the Canadian Imperial Bank
of Commerce. The CIBC will purchase up to $500,000 (U.S.) worth of units of
the company at a price of 16.5 cents per unit. Each unit will comprise one
common share in the capital of the company and one share purchase warrant.
Each share purchase warrant will entitle the holder to acquire an
additional common share at a price of 22 cents for a period of three years
from closing.
The funds will be used to complete a two-phase, 32-hole drill program
designed to test six promising copper porphyry targets on the southern
portion of the company's Macromin project in Chile.
The private placement will be completed in two tranches of $250,000 (U.S.)
each, with the second tranche conditional on favourable phase I drill
results being received on or before April 30, 2000. Proceeds of the first
tranche of the private placement will be held in escrow pending commitment
of an additional $500,000 (U.S.) financing by the company.
The private placement is subject to the execution of a formal agreement and
regulatory approval. |
