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Gold/Mining/Energy : Regal GOldfields (REGL -- Cdn over the counter)

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To: Brian Warner who wrote (306)	12/30/1997 3:01:00 PM
From: Brian Warner	of 370

fin-info.com 1997-12-29 ÿÿ(provided courtesy of Canadian Corporate News) Regal Goldfields Limited Company Announcement TORONTO, ONTARIO--Regal Goldfields Limited announces that it has amended and closed a previously announced private placement of flow through special warrants (the "Flow Through Special Warrants"). The private placement consisted of 2,000,000 Flow Through Special Warrants at a price of $0.20 per Flow Through Special Warrant instead of the previously announced 2,500,000 Flow Through Special Warrants at a price of $0.16 per Flow Through Special Warrant. The holders of Flow Through Special Warrants are entitled to receive, upon exchange thereof and without payment of any consideration in addition to the purchase price therefor, one common share and one-half of a common share purchase warrant (the "Warrant" of the Company for each Flow Through Special Warrant held. One whole Warrant will be exercisable to purchase one additional common share for two years at a price of $0.20 per common share. The previously announced Flow Through Special Warrants were exchangeable for one common share only, without warrants. The previously announced terms did not receive regulatory approval. The Flow Through Special Warrants will be exercisable at any time prior to 5:00 p.m. (Toronto time) on the date (the "Expiry Date") which is the earlier of: /T/ (i) six business days after a receipt is issued by the Ontario Securities Commission for a prospectus qualifying the issuance of the common shares and Warrants to be issued upon exchange of the Flow Through Special Warrants; and (ii) the date which is eighteen months following the date of closing. /T/ Any Flow Through Special Warrants not exercised prior to 5:00 p.m. (Toronto time) on the Expiry Date shall be deemed to have been exercised immediately prior thereto. Total gross proceeds from the offering will be $400,000. The Company presently has 10,563,643 common shares outstanding. The proceeds of the offering will be used for the Company's exploration program on its Cheticamp properties located on Cape Breton Island in Nova Scotia. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Regal Goldfields Limited Richard Brissenden President (416) 364-1130 (416) 364-6745 (FAX) NO REGULATORY AUTHORITIES OR SIMILAR BODIES HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

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