My ramblings ... McEwen and Nevada - where is he going next?
This is old news, but
- I missed the warrant info which could give Rob McEwen 30.8% of the outstanding shares of Nevada-Pacific ... with an expiration date - April 14, 2006 - in the very, very near future.
- Does "change of control" mean "change of control of the company?"
- January 23, 2006 is the next important date.
Nevada Pacific Closes First Tranche of McEwen Financing
12/14/05
VANCOUVER, BRITISH COLUMBIA, Dec 14, 2005 (CCNMatthews via COMTEX) --
Nevada Pacific Gold Ltd. (TSX VENTURE:NPG) has closed the first tranche, $2.7 million of the previously announced $5.0 million private placement with Mr. Rob McEwen (6,921,213 Units of the 12,500,000 Unit total at a price of $0.40 per Unit). Each Unit is comprised of one common share and one share purchase warrant, each warrant exercisable to acquire one common share at an exercise price of $0.50 per share for a term of 2 years.
As a result of the private placement, Mr. McEwen will hold 18.2% of the outstanding shares of the Company and, in the event of exercise of all of the warrants, Mr. McEwen will hold 30.8% of the outstanding common shares of the Company. In accordance with rules of the TSX Venture Exchange, as this constitutes a "change of control", the placement will close in two tranches, the first being for 6,921,213 Units and the second tranche for the balance of the Units will be conditional upon receiving shareholder approval. The Company has called an extraordinary general meeting of shareholders to be held January 23, 2006 for the purpose of approving the second tranche of the private placement.
The Common Shares and Warrants that were sold as Units and the Common Shares underlying such warrants are subject to a four-month hold period that expires on April 14, 2006.
The proceeds of the placement will be used to advance exploration on ... cont'd
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