News release:
The company has reached agreement with a number of investors, of whom three
are directors or officers of the company, for the private placement of 805,000
units of common shares and warrants. Each unit consists of one share and one two
year warrant. The price per unit is $0.1725. The warrants will be exercisable at
$0.1725 in the first year and at $0.20 in the second year. All securities issued
pursuant to this private placement will be subject to a hold period of one year,
unless their distribution is qualified by an offering document during the hold period.
Total proceeds will be $138,863 and no finders' fees or commissions are payable.
Of this amount, $60,000 will be used to finance the final three payments on a
mineral property development bank loan held by an agency of the government of
Mexico, and the balance will be used for general working capital.
The company has reached agreement with a creditor to settle a debt of
US$27,015 translated as C$38,592 by the issuance of 154,368 shares of
common stock. The company anticipates that on issue, these shares will be free of
any statutory hold period.
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