Southern Metals - SUH.V (formerly Aranlee Res. - ARB.V) Message Board

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Gold/Mining/Energy : Southern Metals - SUH.V (formerly Aranlee Res. - ARB.V)

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To: Dav!d who wrote (189)	5/21/1997 12:11:00 PM
From: Rick McDougall	of 254

Dave NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: ARANLEE RESOURCES LTD. VSE SYMBOL: ARB MAY 21, 1997 Aranlee to Raise US $500,000 in Equity Financing SCOTTSDALE, ARIZONA--NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES RESIDENTS Aranlee Resources Ltd. ("the Company") is pleased to announce a non- brokered private placement which will provide funds to the Company of approximately US $500,000. Under the agreed-upon terms, a total of 1,500,000 common shares of the Company, at a price of Cdn $0.46 per common share, will be issued to two placees. Each share will be issued together with one half of a non-transferable common share purchase warrant, each whole warrant entitling the holder to purchase one additional common share at an exercise price of Cdn $0.75 per common share for a period of one year. The common shares and warrants will be subject to a one year hold period and the financing is subject to regulatory approval. Pursuant to a financial advisory and marketing services agreement between the Company and Dragon Capital Corporation Limited ("Dragon Capital") dated February 25, 1997, the Company will pay to Dragon Capital a fee of 1 percent of the gross proceeds for facilitating the placement. Net proceeds of approximately US $495,000 will be used to fund exploration activities on the Company's various exploration properties and for general working capital purposes. The Company is also in discussions with a financial agent to raise additional equity funding within the next two months. ON BEHALF OF THE BOARD Stephen J. Kay, Vice President and CFO -30- FOR FURTHER INFORMATION PLEASE CONTACT: Aranlee Resources Ltd. Jim Kasten (602) 596-9911 (602) 483-4015 (FAX) Internet Site: aranlee.com e-mail: arl@aranlee.com Rick

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