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Gold/Mining/Energy : Gold & Gold Stock Analysis
GLD 362.31-1.8%Nov 4 4:00 PM EST
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To: Andrew who started this subject2/13/2004 1:39:14 PM
From: bigbuk  Read Replies (1) of 29622
 
SSR NEWSSSSSSSSSSSSSSSSSSS

Southern Star to raise $1.5-million for in FT financing

Southern Star Resources Inc SSR
Shares issued 28,179,107 Feb 12 close $0.85
Fri 13 Feb 2004 News Release
Mr. John Tait reports
SOUTHERN STAR ANNOUNCES $1,500,000 PRIVATE PLACEMENT
Southern Star Resources has entered into an agreement with Canaccord
Capital to complete a private placement financing to raise gross proceeds
of up to $1.5-million, subject to the approval of the TSX Venture Exchange.
Pursuant to the financing, Southern Star will issue flow-through common
shares at a price of 75 cents each, as well as units at a price of 75 cents
each, each unit consisting of one common share of Southern Star and
one-half of one share purchase warrant. Each full share purchase warrant
will entitle the holder thereof to acquire one additional common share of
Southern Star at a price of 90 cents for a period of 18 months from the
date of issuance thereof.
Canaccord Capital will act as agent in the financing and will receive a
cash commission and broker warrants entitling it to acquire such number of
common shares of Southern Star as is equal to 10 per cent of the number of
flow-through common shares and units sold pursuant to the financing, for a
period of 12 months from the date of issuance thereof, at an exercise price
of 75 cents. Insiders of Southern Star may purchase up to one-third of the
securities issued in the financing.
Proceeds of the offering will be used for the continued exploration of
Southern Star's Gold Eagle mine property, which is under option from Exall
Resources Limited, and for working capital.
(c) Copyright 2004 Canjex Publishing Ltd. stockwatch.com

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