Playfair completes $475,000 financing
Playfair Mining Ltd PLY
Shares issued 11,177,202 Oct 30 close $0.22
Wed 31 Oct 2001 News Release
Mr. D. Neil Briggs reports
Playfair has completed the sale of 1.9 million units ($475,000) of its
public offering by way of short form offering document effective Sept. 28,
2001. Each unit consists of one common share and one non-transferable share
purchase warrant; every two warrants entitling the holder to acquire one
additional common share of the company at a price of 30 cents per share
until Oct. 31, 2002. Of the 1.9 million units sold, 480,000 units are
subject to a four-month hold period expiring Feb. 28, 2002. While sold in
two tranches, all units were issued on Oct. 31, 2001, and all warrants will
expire on the same date of Oct. 31, 2002.
The company paid a total of $51,724.17 as commission and offering expenses
with respect to the closing and issued a 228,000 agent's warrants (each
agent's warrant entitling the holder to acquire one common share of the
company at 30 cents per share until Oct. 31, 2002). All shares issued upon
exercise of the agent's warrants are subject to a four-month hold period
expiring on Feb. 28, 2002.
The company intends to use a portion of the net proceeds of its offering,
combined with its working capital, to conduct a drilling program on its
100-per-cent-owned San Miguel, Mexico, property. Drilling is planned to
start by the middle of November, 2001. Further Information on the drill
program will be released shortly.
(c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com |
