To John Stokes
Here's the new
Samex Mining Corp -
$1m financing for Samex; Welcome Opportunities acquires shares
Samex Mining Corp SXGShares issued 186594811997-11-06 close $0.6Friday Nov 7 1997Also Welcome Opportunities Ltd (WLO) Mr Jeffrey Dahl reports Samex Mining has arranged for the private placement of 2,000,000 special warrants at $0.50 for $1,000,000. Each special warrant will entitle the holder, upon exercise or deemed exercise, to acquire, for no additional consideration, one unit comprised of one share and one warrant. Each warrant will entitle the holder to purchase one additional share at $0.75 for 16 months from the date of closing of the sale of the special warrants. Welcome Opportunities is subscribing for 1,500,000 of the special warrants and certain insiders of the company are also placees in the private placement. The company has agreed to use its best effort to qualify the distribution of the units issuable upon exercise or deemed exercise of the special warrants pursuant to a prospectus filed in BC within 120 days from the closing date. If the final prospectus is not filed and a receipt issued by the BCSC within 120 days from the closing date, then the number of units issuable upon exercise of each special warrant will be increased by 10% from 1.0 units to 1.1 units, without payment of additional consideration. If the units are not qualified under the prospectus, the special warrants and the units will be subject to a 12 month hold period commencing on the closing date. Welcome Opportunities will have a right of first refusal, exercisable for 12 months from the closing date, in any proposed equity financing of the company offered at a price less that $1.00 per share or, if offered at a price greater than $1.00, any portion of the offering in excess of 2,000,000 shares. Welcome Opportunities will also have a right of first refusal to participate in any joint venture proposed with respect to any of the company's Bolivian mineral properties which is to be entered into within 120 days from the closing date. The company will pay a finder's fee of $25,000 to Canaccord Capital of Vancouver. Proceeds of the private placement will be used to finance exploration on the company's mineral properties in Bolivia and for general working capital. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
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