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Gold/Mining/Energy : Major General Resources Limited
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To: sana who wrote (104)5/1/1997 10:28:00 PM
From: sana   of 123
 
FYI

News Release 5-1-97

Major General Resources Ltd. has negotiated a private placement of up
to one million units at a price of $1.80 per unit. Each unit will
consist of four shares (three of which shares, at the election of the
investor,may be flow-through shares) at a price of $1.80 per warrent
on or before April 30, 1998. A maximum fee of 7.5% will be payable
on a portion of the placement. Seventy-five percent of the proceeds will be expended as qualified Canadian Exploration Expense Expenditures on properties in Canada. Twenty-five percent of the proceeds will be allocated to working capital. At April 30, 1997 the
Company's working capital position was approximately $140,000.
This private placement is subject to regulatory approval.

Glenn G. Shevchenko
President
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