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Non-Tech : Northern Gaming (NGAM OTC TSE, NTGMF OTC BB)

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To: Howard H Bouch who wrote (81)	5/15/1998 2:48:00 PM
From: Sylvain C.	Read Replies (1) of 90

Northern Gaming Inc NGAM Shares issued 8582199 1998-05-12 close $0.07 Monday May 18 1998 Mr. William Hamm reports Northern Gaming has closed a convertible debenture financing effective April 30, 1998. The company issued $150,000 convertible debenture, convertible into 3,000,000 shares of the company at 5 cents for a period of 12 months. The holder of the convertible debenture also received 1,500,000 warrants, each warrant exercisable by the holder at 10 cents for a period of 12 months. Conversion of the convertible debenture into shares is subject to shareholder approval. The proceeds will be used for general working capital purposes. The company is seeking shareholder approval for the conversion provision of the debenture at its upcoming annual and special meeting of shareholders. Also, the company's wholly owned subsidiaries Wolf Corp. and Wolf Gaming, LLC have discontinued operations in the United States. As a result, the company is intending to evaluate its business opportunities with the funds raised from the convertible debenture.

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