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Gold/Mining/Energy : Ultrasonic Industrials USI/ASE
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To: Kevin Vickers who wrote (30)10/9/1997 8:23:00 PM
From: Kevin Vickers   of 47
 
News on UIS
$7.8m financing commitment

Ultrasonic Industrial Sciences Ltd UIS
Shares issued 40,111,782 Oct 8 close $0.95
Wed 8 Oct 97 News Release
Mr James Norrie reports
The company has entered into an agreement with FirstEnergy Capital Corptoissue on a bought deal basis, 12 million special warrants at $0.65. The special warrants will be placed on a private placement basis by FirstEnergy and Jennings Capital. The net proceeds of approximately $7,250,000 after commissions and expenses will be used to finance the construction of a silica sand processing plant at the company's Peace River silica sand deposit.Each special warrant ermits the holder to acquire one share and a half warrant. One full warrant plus $0.80 shall entitle the holder to acquire one share prior to December 15 1998. The shares and warrants will be qualified by way of a prospectus to be filed in Alberta, BC and Ontario. Closing of the issue will occur on or about October 30 1997 and is subject to due diligence and regulatory approval.
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