Donner Minerals Ltd - News Release
Donner arranges placement; grants stock options
Donner Minerals Ltd DML
Shares issued 54,547,207 Nov 14 2002 close $ 0.12
Friday November 15 2002 News Release
Mr. David Patterson reports
Donner Minerals has arranged a non-brokered private placement in the amount of $1-million. These finances will be raised by the company issuing a total of 10 million units at a price of 10 cents per unit. Each unit consists of one common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share of the company at a price of 12 cents for two years. A portion of the units will be flow-through units. A finder's fee is payable on a portion of the finances raised in the private placement.
The company has granted two million incentive stock options to certain of its directors and employees at a price of 12 cents per share. In addition, the company has repriced the following outstanding stock options:
2.26 million stock options, which are currently exercisable at 28 cents per share until Jan. 16, 2012, to be repriced to 12 cents per share for the balance of the term;
100,000 stock options, which are currently exercisable at 32 cents per share until Feb. 13, 2004, to be repriced to 12 cents per share for the balance of the term;
500,000 stock options, which are currently exercisable at 28 cents per share until April 3, 2004, to be repriced to 12 cents per share for the balance of the term.
The company has also agreed, subject to TSX Venture Exchange acceptance and written approval from warrantholders, to reprice the following outstanding warrants:
four million warrants, which are currently exercisable at 44 cents per share until June 4, 2004, to be repriced to 12 cents per share for the balance of the term;
1,666,667 warrants, which are currently exercisable at 70 cents per share until July 8, 2003, and at 80 cents per share from July 9, 2003, until July 8, 2004, to be repriced to 12 cents per share for the balance of the term.
The terms of both sets of warrants listed above will also be amended, as required under TSX-V policy, such that if trading price of the company's shares exceeds 15 cents for 10 consecutive trading days, the exercise period will be shortened to a period of 30 days.
All of the above is subject to the approval of the TSX-V.
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