GC here is another one. What you think these boys going to do with all the money?
Navigator completes $500,000 private placement
Trading symbol NVR-CDNX
VANCOUVER, Dec. 27 /CNW/ - Navigator Exploration Corp. (CDNX - NVR) is pleased to announce that the Company
has closed the brokered private placement of 909,090 Units of the Company announced November 1, 2000. Each Unit was
sold at the price of $0.55, for gross proceeds of $500,000. Each Unit consists of one common share and one-half of one
common share purchase warrant, each whole warrant entitling the holder to purchase one additional share of the Company at a
price of $0.75 per share for a period of 18 months. Net proceeds from the private placement will be spent on exploration
programs on the Company's Canadian mineral properties. The shares included in the Units are to be qualified as "flow-through"
shares under the Income Tax Act (Canada).
The Company paid an agent's commission of 5% of the gross proceeds in cash and issued the agent 90,909 agent's warrants in
consideration of the agent providing its services in arranging the private placement. Each agent's warrant will entitle the holder to
purchase one additional share of the Company at a price of $0.55 per share for a period of 18 months.
The shares and warrants making up the Units and the agent's warrants and any shares issuable on exercise of such warrants or
agent's warrants are subject to a four month hold period in British Columbia which expires on April 21, 2001.
The Canadian Venture Exchange has approved the private placement, subject to filing of final materials.
On behalf of the Board
"Eira Thomas"
_______________________________
Eira Thomas, President
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news
release.
For further information
Eira Thomas, President, (604) 668-8355 |
