fin-info.com
1997-12-30 ÿÿ(provided courtesy of Canadian Corporate News)
Regal Goldfields Limited Company Update
TORONTO, ONTARIO--LEATON Developments Corporation ("Leaton"), a
Canadian-based investment corporation, announced today that it has
acquired 1,250,000 flow through special warrants (the "Special
Warrants") of Regal Goldfields Limited ("Regal"), by private
placement, at a price of $0.20 per Special Warrant.
The Special Warrants entitle Leaton to receive 1,250,000 fully
paid and non-assessable common shares in the capital of Regal and
625,000 common share purchase warrants within six business days
after a receipt is issued by the Ontario Securities Commission for
a final prospectus qualifying such common shares and warrants, or
on June 23, 1999, whichever is earlier.
Each common share purchase warrant entitles Leaton to acquire one
common share in the capital of Regal at an exercise price of $0.20
per common share at any time on or before December 23, 1999.
Regal presently has 10,563,643 common shares outstanding.
As a result of this acquisition, Leaton owns 1,250,000 Special
Warrants and, assuming conversion of the Special Warrants and the
common share purchase warrants, on a fully diluted basis, Leaton
will own 1,875,000 common shares, representing approximately 15.1
per cent of the outstanding common shares of Regal.
The Special Warrants were purchased for investment purposes and
Leaton does not have any present intention to acquire additional
shares of Regal. However, Leaton may, depending on the
circumstances, acquire additional common shares of Regal in the
future.
NO REGULATORY AUTHORITIES OR SIMILAR BODIES HAVE APPROVED OR
DISAPPROVED OF THE INFORMATION CONTAINED HEREIN.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Leaton Developments Corporation
(416) 733-2202 |
