Bishop Resources Inc -
Bishop to sell 3 million units privately
Bishop Resources Inc BRI
Shares issued 19,087,671 2000-03-16 close $0.15
Friday Mar 17 2000
Mr. Andrew Schwab reports
Bishop Resources proposes a private placement of three million units of the company to be offered at an ascribed value of 10 cents per unit. Each unit shall consist of one common share and one purchase warrant exercisable into one common share of the company upon payment of 10 cents for a period of 24 months from the date of closing. In conjunction with the placement, the company plans to grant a finder's fee, subject to receipt of regulatory approval, of 300,000 purchase warrants for the purchase of up to 300,000 common shares of Bishop upon payment of 10 cents for a period of one year from the date of closing.
Proceeds from the placement will be directed towards annual property payments and assessments pertaining to Bishop's volcanogenic massive sulphide Scotia property, located near Prince Rupert, B.C., and to undertake reclamation at the mine site of Bishop's Gordon Lake property, located near Yellowknife, NWT.
Further, the company plans to issue 3,073,620 common shares to trade creditors for the reduction of $307,362.06 in trade debt.
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