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Gold/Mining/Energy : Canadian-under $3.00 Stock-Picking Challenge
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To: Elizabeth Andrews who wrote (11460)2/25/2003 11:22:17 AM
From: Al Collard  Read Replies (1) of 11802
 
NEM-v...in the news:

Northern Empire arranges $5.25-million placement

Tue 25 Feb 2003

News Release

Mr. D. Bruce McLeod reports

NORTHERN EMPIRE ANNOUNCES $5.25 MILLION BOUGHT DEAL UNDERWRITING
Northern Empire Minerals has agreed to sell, to Canaccord Capital
Corporation, as sole underwriter, on a bought-deal underwritten basis, 3.5
million units by way of private placement at a price of $1.50 per unit for
gross proceeds of $5.25-million. Each unit will consist of one common share
and one-half of one common share purchase warrant. Each whole common share
purchase warrant will entitle the holder to purchase one common share at a
price of $1.75 per common share for 12 months from the closing date. The
underwriter will receive 7-per-cent cash commission and underwriter's
warrants for common shares equal to 10 per cent of the units sold under the
offering. The underwriter's warrants will be exercisable at a price of
$1.61 per share for a period of 12 months from the closing date. The
securities issuable under the private placement are subject to a four-month
hold period from the closing date. Final approval by the regulatory
authorities and the TSX Venture Exchange are pending.
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