Flea, news on your pick HLB-t:
Hillsborough to sell shares privately
Wed 25 Apr 2001
News Release
Mr. David Slater reports
Hillsborough Resources has entered into a letter of intent for the private
placement of special warrants under certain prospectus exemptions in the
provinces of Alberta, British Columbia and Ontario, subject to regulatory
approval. The special warrants will be offered at a price of 95 cents per
special warrant, for maximum gross proceeds of $8,075,000. Each special
warrant will entitle the holder to acquire one common share for no
additional consideration. Hillsborough will use its best efforts to prepare
and obtain final receipts for a prospectus qualifying the shares issuable
on exercise of the special warrants on or before Sept. 15, 2001. The gross
proceeds of the offering will be used for general working capital,
repayment of debt, acquisition of additional coal properties, new mine
development and exploration.
Salman Partners Inc. will act as agent for the private placement on a
reasonable best efforts basis, which is expected to close on or about May
10, 2001. Hillsborough has granted to Salman Partners a greenshoe option to
accept orders for an additional 2.5 million special warrants at 95 cents
per special warrant for a period of 30 days from closing for additional
proceeds of $2,375,000.
David Slater, president and chief executive officer, said, "This private
placement will provide our company with the funds necessary to open the
T'Sable River mine and with working capital for our current expansion
plans." |
