Hello Frank
OFF THE WIRE
Twin Mining completes first tranche of $3 million flow-through financing at $0.50
/NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES./
TORONTO, Sept. 30 /CNW/ - Twin Mining Corporation (TWG-TSX) announced
that it had completed September 26, 2002 the sale of 4,300,000 flow-through
units for gross proceeds of $2,150,000 being the first tranche of an aggregate
flow-through offering of $3,000,000. As a result of subscriber demand the
offering was increased from $2,000,000 (4,000,000 units) to $3,000,000
(6,000,000 units). Each flow-through unit at $0.50 consisted of one flow-
through common share and one-half common share purchase warrant, with each
whole warrant entitling the holder to purchase one additional common share at
a price of $1.00 for two years.
Kingsdale Capital Partners Inc. and Kingsdale Capital Markets Inc. are
acting as Twin Mining's agents in the private placement offering. Twin Mining
expects that it will complete the balance of the flow-through offering
shortly.
The previously announced offering of up to 4 million common share units
at $0.50 with each unit consisting of one common share and one common share
purchase warrant, is anticipated to be completed on or before October 7, 2002.
The proceeds of the flow-through offering will be used primarily to
advance Twin Mining's exploration of its Jackson Inlet diamond property.
Twin Mining, in addition to exploring the Jackson Inlet diamond project
on Baffin Island and the TORNGAT diamond project on the east side of Ungava
Bay in northern Québec, also holds a gold mining project in Idaho, United
States of America.
Hopefully this will free management up to make some up date news available.
Regards
Vaughn |
