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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: tool dude who wrote (122903)11/14/2003 1:44:42 PM
From: bigbuk  Read Replies (1) of 150070
 
SSR 350% ina week now look LOLOLOL


Southern Star arranges $2-million private placement

Southern Star Resources Inc SSR
Shares issued 19,989,107 Nov 13 close $0.44
Fri 14 Nov 2003 News Release
Mr. John Tait reports
SOUTHERN STAR ANNOUNCES $2.2 MILLION BROKERED PRIVATE PLACEMENT
Southern Star Resources has engaged Canaccord Capital to act as the
company's agent in connection with a best-efforts offering of up to four
million flow-through shares exercisable before closing at a price of 50
cents per share for gross proceeds of up to $2-million. Canaccord has
retained an option to increase the size of the offering by up to $200,000.
Up to 25 per cent of the offering will be purchased by insiders of the
company.
The company has agreed to: (i) pay Canaccord a commission equal to 6.0 per
cent of the gross proceeds raised; and (ii) grant a compensation warrant to
Canaccord enabling it to purchase that number of common shares that is
equal to 10 per cent of the number of common shares issued by the company
pursuant to the offering, exercisable at 50 cents per common share for a
period of 12 months following the closing of the offering. Proceeds of the
offering will be used by the company to further explore the Gold Eagle mine
property.
Completion of the offering is subject to receipt of all required regulatory
approvals.
Southern Star has an option to earn a 50-per-cent interest in the Gold
Eagle mine property which consists of 35 patented claims totalling 726.1
hectares (1,793.5 acres) in the heart of the prolific Red Lake gold camp.
The Gold Eagle mine produced approximately 40,000 ounces of gold from 1937
to 1941. Since operations ceased, no significant exploration program has
been undertaken on the property. With successful former producing mines on
two sides of the property near the northern boundary, the claims are
exceptionally well located. There are no royalties on the subject property.
On Nov. 14, 2003, a total of 225,000 options to purchase common shares of
the company were granted to two consultants of the company at an exercise
price of 50 cents per share expiring on Nov. 13, 2008. The grant of options
is subject to regulatory approval.
(c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com
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