Mr. Frank Arcese reports
A private placement of up to $500,000 (U.S.) made on Feb. 14, 2000, has
been cancelled.
The company has agreed to terms of a new priate placement with CIBC Capital
Partners wherein Lucero will issue $200,000 (U.S.) worth of units of the
company at a price of 11 Canadian 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 14 cents per share, for a period of
three years from closing. This is a non-brokered private placement and CIBC
is buying for its own account. The $200,000 (U.S.) commitment by CIBC will
be placed in escrow and is subject to Lucero raising another $200,000
(U.S.).
Proceeds of the financing will be used to conduct drilling on the Macromin
porphyry copper prospect (southern targets) in northern Chile.
Phase I exploration will consist of a 16-hole (4,000 mt. R.C.) drill
program in order to test six copper porphyry targets where the company has
previously performed extensive work (mapping, trenching, assays and
geophysical testing).
A contract with a drilling contractor has been signed and drilling is
scheduled to start the first week of June, 2000. |
