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Gold/Mining/Energy : PLAYFAIR MINING - PLY . V
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To: Claude Cormier who wrote (326)9/24/2001 6:40:59 PM
From: Brumell  Read Replies (1) of 505
 
Notes about PLY's offering.

It's my understanding that this will be an offering by Short Form Offering Document. Because it will not be registered outside BC, the offering will be limited to B.C. residents only... or people living in foreign countries without securities regulators. Details about SFOD are available at: cdnx.com

The shares are free trading to investors who buy less than 2 percent of offering or if an individual investor's purchase is less than $10,000. Anything above that would be subject to a 4 month hold period.

The offering is not particularly dilutive to existing shareholders. It's my understanding the offering will be fully subscribed. Upon completion, PLY will have $700,000 - $800,000 in the bank which is more than adequate to drill test San Miguel.

If PLY are successful, there are approx. 6 million warrants to be exercised raising an additional $1.5 million dollars. That would cover any eventuality such as subsequent diamond drilling, downhole geophysics, etc, etc, as may be required to outline the deposit.

Lastly, it's my understanding that drilling will start immediately after this offering closes. That is expected to take 2 - 3 weeks. In other words, we are getting close to drilling. It's about time IMO.

Bob
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