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Gold/Mining/Energy : Aquiline Resources (AQI-V)

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To: Gerald A. Lucker who wrote (18)4/29/1997 5:22:00 PM
From: James N. Wilson   of 23
 
Aquiline closes non-brokered PP - 1 million shares at $1.00

Hi Jerry - latest news from AQI-V. Now money in the bank and JV with Hecla Mining. - james

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AQI-V
Shares issued 6255725
Tuesday Apr 29 1997

The VSE has accepted for filing a non-brokered private placement of 1,000,000 special warrants at $1.00. Each special warrant is exchangeable, at no additional cost, into one share and one-half of one warrant. Each whole warrant will entitle the holder to purchase an additional share at $1.20 within six months from the date of issuance. The company has agreed to use its best efforts to file a final prospectus to qualify the underlying securities issuable upon exercise of the special warrants within 120 days of the closing of the private placement. If a receipt for a final prospectus has not been issued within 120 days of cloing, each special warrant held by purchasers (not including any insider's subscriptions) will be exchangeable into 1.1 shares and 0.55 warrants.

The placees Tokenhouse Investments (BC) 285,000; Portmann Finance SA
235,000; Sandra Gomes 115,000; and four others. Securities Trading UK) Ltd will receive a finder's fee of $11,750 payable by the issuance of 11,750 shares at $1.00. Canaccord Capital will receive a finder's fee of $25,750 in cash.
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