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Gold/Mining/Energy : Canadian Diamond Play Cafi

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To: Famularo who started this subject	7/9/2002 1:57:16 PM
From: Famularo	Read Replies (2) of 16207

Majescor arranges financings worth $1.42-million Majescor Resources Inc MAJ Shares issued 18,429,962 Jul 8 close $0.70 Tue 9 Jul 2002 News Release Mr. Andre Audet reports MAJESCOR ANNOUNCES $1,420,000 IN PRIVATE PLACEMENTS Majescor Resources has agreed to sell on a private placement, 1.7 million flow-through common shares for total proceeds of $1.02-million. The flow-through shares are priced at 60 cents per share and the placement is expected to close on or about July 16, 2002. Three flow-through funds have agreed to participate in the issue. The company will ensure that the proceeds of the offering will be used to incur Canadian exploration expenses that will qualify as a flow-through mining expenditure for the purposes of the Income Tax Act (Canada). Dundee Securities Corp. will act as agent for the flow-through offering. The agent will be paid a cash fee equal to 7 per cent of the total proceeds raised in the offering from the sale of the shares. The agent will also receive broker warrants entitling it to purchase common shares which are equal to 10 per cent of the number of flow-through shares sold. The broker warrants will expire 24 months from the closing date. The exercise price for such warrants will be 60 cents. Majescor has also agreed to issue 666,666 units at 60 cents per unit for total proceeds of $400,000 to a Quebec-based institution. Each unit consists of one common share and one warrant. Each warrant entitles the holder to purchase one common share at a price of $1 for a period of 18 months from the closing date. The hard-dollar financing is non-brokered and therefore no brokerage commissions will be paid. The net proceeds of these offerings shall be used for the further advancement of Majescor's diamond exploration projects.

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