It sure sounds like the company has some real finianial problems !!
And I guess the company doesn't figure the shares are going
to go over the .72 mark ?
FOR: RIOSUN RESOURCES CORPORATION
VSE SYMBOL: RSR
NOVEMBER 4, 1997
Riosun Resources Announces Private Placement
CALGARY, ALBERTA--The Company is pleased to announce it has a
Private Placement effective November 3rd, 1997, in the amount of
$750,000.
The transaction will include the issuance of 3,000,000 units
comprising of one common share and one half warrant. The warrants
are priced at $0.30 during the first year from the closing, and
$0.35 during the second year from closing. The proceeds will be
used to fund the opening of the Company's mining interests known
as "Eximad" in Madagascar, and ongoing corporate expenses.
The transaction is subject to the formal review and approval of
the Vancouver Stock Exchange, prior to closing.
The Company also wishes to confirm the filing of the previously
announced convertible note with the Vancouver Stock Exchange,
effective September 12th, 1997.
The Company announces that it has negotiated the exercise price of
incentive stock options, previously granted to directors and
officers of the Company, for the purchase of up to 448,982 shares
from $0.72 per share, to $0.30 per share, such options being
exercisable until December 18th, 2001.
The negotiation of the exercise price of the stock options is
subject to regulatory acceptance.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Riosun Resources Corporation
P.C. Cochrane
President and Chief Executive Officer
(403) 266-3644
(403) 266-3648 (FAX) |
