Todays news release. Gotta love that last paragraph.Flag Resources (1985) Ltd -
Flag begins private placement by offering memorandum
Flag Resources (1985) Ltd FGR.A
Shares issued 16,224,180 2000-08-08 close $0.35
Wednesday Aug 9 2000
Also Golden Briar Mines Ltd (GLB)
Mr. M.C. McLeod of Flag Resources reports
Subject to regulatory approval, Flag Resources (C.V.E), by offering memorandum, is offering two million units, by way of private placement, at a price per unit equal to the greater of 25 cents and the average trading price of its shares for the 10 days proceeding the date of purchase of the units, less such permissible discount as prescribed by the Canadian Venture Exchange, but with no private placement purchase price below 25 cents.
Each unit consists of one common share issued on a flow-through basis, pursuant to the Income Tax Act (Canada) and one share purchase warrant. Each warrant entitles the holder to purchase one common share (not issued on a flow-through basis), at a price equal to 150 per cent of the purchase price per unit, exercisable for one year from the date of issue of the warrant.
Subject to regulatory approval, Golden Briar (M.S.E), by offering memorandum, is offering two million units, by way of private placement, at a price equal to the greater of 15 cents and the average trading price of its shares for the 10 days proceeding the date of purchase, less such permissable discount as prescribed by the Montreal Exchange, but with no private placement purchase price below 15 cents.
Each unit consists of one common share of Golden Briar, issued on a flow-through basis pursuant to the Income Tax Act (Canada) and one share purchase warrant. Each warrant entitles the holder to purchase one common share (not issued on a flow-through basis), at a price equal to 150 per cent of the purchase price per unit, exercisable for one year from the date of issue of the warrant.
Proceeds from Flag and Golden Briar's offerings are to be used mainly to drill deeper drill targets for platinum and palladium, on Flag's 70,000-acre holdings in the Wanapitei anomaly, Sudbury, Ont., the adjoining regional magnetic and gravity anomaly to the Sudbury anomaly, and its nickel, copper and platinum group ore deposits. Flag has optioned ground in northwestern Rathbun township and McNish township, to Golden Briar, from it's holdings.
Mineral intersections in RL 33, 34, 35, 37, 39 and 40, drilled by Flag and Golden Briar, in the Rathbun Lake peninsula, are being logged and assayed for platinum and palladium.
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