BRIMSTONE GOLD CORP.
Suite 850, 1095 West Pender Street, Vancouver, British Columbia V6E 2M6
Telephone: (604) 689-1428 / Fax: (604) 681-4692
March 18, 1998 SYMBOL: BSC - VSE
NEWS RELEASE
Brimstone Gold Corp. (the "Company") announced that it has negotiated a brokered private placement with Thomson Kernaghan & Co. Ltd. (the "Agent"), Toronto, Ontario, of up to 3,000,000 Units at $0.27 each for gross proceeds of $810,000. Each Unit will consist of one common share and one share purchase warrant. One share purchase warrant together with $0.40 will enable the holder to purchase one additional common share for a period of one year.
The Agent will receive a commission of 7% of the gross proceeds payable in the form of Units. The Agent will also be issued compensation options entitling the Agent to purchase 10% of the total number of Units sold, at the price of $0.27 per Unit, exercisable for a period of two years from the closing date.
In addition, the Company is proposing an additional non-brokered private placement of up to 1,300,000 Units at $0.27 each for gross proceeds of $351,000. Each Unit will consist of one common share and one share purchase warrant. One share purchase warrant together with $0.40 will enable the holder to purchase one additional common share for a period of one year.
The proceeds will be used to fund further exploration at the Mayflower Gold Mine, located near Whitehall, Montana.
The brokered private placement and non-brokered private placement are subject to acceptance for filing by the Vancouver Stock Exchange.
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For further information, please contact:
David Rovig (406) 245-9520
The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein. |
