International Dunlap - Completion of $2,999,700 Private Placement
Business Wire - June 06, 1997 15:19
FINANCIAL INTERNATIONAL-DUNLAP IDZ. NEW-YORK MINING METALS V%BW P%BW
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--June 6, 1997-- International Dunlap (VSE IDZ.) International Dunlap Minerals Corporation
("DUNLAP"), is pleased to announce that it has on this day (the "Closing Date") completed the previously announced (May 9th, 1997 News Release) brokered
private placement (the "Private Placement") of 2,727,000 special warrants (the "Special Warrants") of Dunlap pursuant to private placement prospectus
exemptions, which have been issued at a price of $1.10 per Special Warrant for total gross proceeds of Cdn. $2,999,700.
Pacific International Securities Inc. (the "Agent"), has received a commission of 7.5 percent of the gross proceeds from the sale of the special warrants in cash
totalling $224,977.50. In addition, Dunlap has issued an option entitling the Agent to receive 100,000 broker's common share purchase warrants ("Broker's
Warrants"). Each Broker's Warrant is exerciseable to acquire one common share of Dunlap within 12 months of the Closing Date at a price of $1.27 per common
share.
Dunlap will use its best efforts to file an exchange offering prospectus, as soon as practicable after the Closing Date with the Vancouver Stock Exchange (the
"VSE"), and the British Columbia Securities Commission (the "BCSC"), which prospectus shall qualify the issue of both the Underlying Shares and the Share
Purchase Warrants on exercise of the Special Warrants and the Broker's Warrants on exercise of the Agent's options. Dunlap will also use its best efforts to obtain
final receipts for the prospectus within 90 days of the Closing Date or such later date as may be mutually agreed between Dunlap and the Agent (the "Qualification
Deadline")
The gross proceeds of the Private Placement have been placed in escrow with a trustee, with the proceeds to be released to Dunlap by the fifth business day after
the day a receipt for a final exchange offering prospectus is issued by the BCSC (the "Clearance Date"). If the Clearance Date does not occur on or before the
Qualification Deadline, each holder of Special Warrants shall have a period of seven business days following the Qualification Deadline to exercise a right of
retraction and require the Company to redeem any or all of such holders' Special Warrants for the purchase price thereof plus accrued interest. Thereafter, each
holder of Special Warrants (other than insiders of Dunlap) that has not validly exercised its right of retraction will, on exercise or deemed exercise of each Special
Warrant held by it, receive 1.1 Underlying Shares and 1.1 Share Purchase Warrants.
The net proceeds of the Private Placement will be used to fund on-going exploration and development of Dunlap's existing properties, acquisition of new properties
and for general corporate purposes. Dunlap holds interests in a substantial portfolio of mineral properties of approximately 1.3 million hectares located in Indonesia.
Dunlap's joint venture partners include Barrick Gold Corporation.
On behalf of the Board,
"Peter J. Guest" Peter J. Guest, (D.Eng.), President & C.E.O.
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release.
CONTACT: International Dunlap Minerals Corporation
Rose E. Moon, 604/ 608-1633
24 hour recorded shareholder update
(604) 608-1633 ext. 241
REPEATS: New York 212-752-9600 or 800-221-2462; Boston 617-236-4266 or
800-225-2030; SF 415-986-4422 or 800-227-0845; LA 310-820-9473
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