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National Gold Corporation: Short Form Offering Financing Of Up To $1,500,000
5/24/2002 4:14:00 PM
VANCOUVER, British Columbia, May 24, 2002 (BUSINESS WIRE) -- National Gold (NGT) National Gold Corporation announces its intention to carry out a public offering to raise up to $1.5-million through the sale of units by way of a Short Form Offering Document (SFOD) to purchasers in British Columbia, Alberta and other such jurisdictions in which the offering may legally be sold. Under the SFOD, the company, through its agent, Canaccord Capital Corporation, will offer up to 3,333,333 units at a price 45 cents per unit. Each unit will comprise one common share and one transferable common share purchase warrant.
Each two warrants will entitle the holder to acquire one additional common share for a period of one year after closing at a price of 55 cents. Subject to evidence of satisfactory distribution in accordance with the rules of the TSX Venture Exchange, an application will be made to the TSX Venture Exchange to list the warrants.
Canaccord will be paid a cash commission of 7.5 per cent of the gross proceeds, agent's warrants equal to 15 per cent of the number of units sold, and a corporate finance fee payable in shares.
The proceeds of this offering will be used primarily for working capital, company costs related to the Salamandra Property and to fund further exploration in Mexico. National Gold purchased the Salamandra Gold Camp with its 2.94 million ounce Measured and Indicated(a) Mulatos gold resource through an innovative agreement with the Vendors that is primarily pegged to the price of gold (see April 1st, 2002 news release). The property, which hosts seven large gold bearing epithermal systems, is located in the state of Sonora, Mexico, 220km east of Hermosillo.
(a) 2.35 million ounces as Measured in 43.9 million tonnes grading 1.66 grams/tonne, and 0.59 million ounces as Indicated within 13.1 million tonnes grading 1.4 grams/tonne as reported in our Behre Dolbear (an Independent Engineering firm) Qualifying Report dated January 26, 2001.
On Behalf of the Board of Directors of National Gold Corporation
Albert J. Matter, President & CEO
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.
CONTACT: National Gold Corporation
Albert Matter, 604/408-4647
Email: info@nationalgold.com
Website: www.nationalgold.com
or
National Gold Corporation
James McDonald, PGeo, 604/408-4647 |
