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Cypress Minerals Corp -
Changes to outstanding capital
Cypress Minerals Corp
CYP
Shares issued 13970781
1997-10-30 close $0.86
Thursday Oct 30 1997
Mr Donald C. Huston reports
The record date for the rights offering was yesterday. Since
October 20 1997, the effective date of the company's rights
offering prospectus, there have been some changes to the
outstanding capital of the company. Between the date of the
prospectus and the close of business yesterday, 800,000 non
flow-through share purchase warrants have been exercised
(there are none remaining unexercised). Two million warrants
were exercised following the deemed exercise of 2,000,000
flow-through special warrants (there are none remaining
unexercised), a further 150,000 warrants were exercised
following the deemed exercise of 150,000 agent's special
warrants (there are non remaining unexercised) and 277,558
incentive stock options were exercised (347,115 stock options
remain unexercised). As a result of these capital changes, the
number of issued shares in the company at the close of
business today was 13,970,781 and, as a further result, there
will be 13,970,781 rights issued to the holders of shares as of
the record date. Those rights will entitle shareholders to
purchase a total of 2,794,156 flow-through units at $0.55. The
gross proceeds will be $1,536,788 and if all of the series A
flow-through warrants are exercised, there will be an
additional $1,53G,786 of gross proceeds. Total proceeds and
stock options described above was $687,996.
The Company's agent, Canaccord Capital, following expiry of
the rights and their completion of their guarantee obligations,
will be issued warrants to purchase up to 1,117,662 shares at
$0.60. Those warrants will expire at the close of business on
May 26 1998. In the event that Canaccord exercises all of
those warrants, there will be an additional $670,597 of gross
proceeds.
In addition, the company paid its joint venture partner, Donner
Resources, a further $52,645.98 (exclusive of GST) for
exploration incurred on behalf of the company on its Cypress
Donner joint venture property. As of this date the company has
paid Donner a total of $155,366.54 in respect of its share of
exploration expenses.
Respecting the exploration to date, the exploration conducted
by Teck has been centered on two areas referred to as the
Northern Gabbro area and the Southern Gabbro area. The
Northern Gabbro area includes the Donner/NDT/Latitude joint
venture, the Donner/Northern Abitibi joint venture, the
Donner/Major General joint venture, the Donner/Thistle joint
venture and claims owned 100% by Donner. The Southern
Gabbro area includes parts of the south central block of the
Cypress/Donner joint venture and claims owned 100% by
Donner.
On the South Gabbro area Teck has completed detailed grid
mapping, 101 line kilometers of ground magnetic and Maxmin
surveys, 140 line kilometers of gravity survey and a single
deep hole to a depth of 701 meters. A second drill hole is in
progress. The rock types identified within this area are
essentially identical to those hosting the significant
copper-nickel-cobalt mineralization within the Northern
Gabbro area. However, geological mapping and the gravity
data strongly suggest a funnel shaped body. A strong
curvilinear gravity anomaly extends for over 4.5km
north-south along the boundary between part of the
Cypress/Donner joint venture and ground owned 100% by
Donner. This anomaly is interpreted as the possible feeder or
throat of the funnel shaped layered intrusion. To evaluate this
important target, a series of several holes will be drilled
across the strongest part of the gravity response. To date, one
hole has been drilled on the Cypress/Donner property,
stopping 701m, the limit of the drill capacity.
After a short interval of hanging wall gneiss at the top, the
hole intersected a thick sequence of layered olivine gabbro to
the base of the hole. The last 18m contained 1 to 5%
disseminated sulphides, possibly indicating proximity to the
basal contact with gneiss. Assay data and additional
information will be released as soon as possible. A second
hole has been collared on the Cypress/Donner property and is
now drilling about 900m to the south on the same gravity high.
Several additional holes are planned for the Cypress/Donner
property.
(c) Copyright 1997 Canjex Publishing Ltd.
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