FINANCING / Arlington Resources Inc. - Flow-Through Private
Placement
CANADIAN DEALING NETWORK SYMBOL: ARLL
MAY 25, 1998
TORONTO, ONTARIO--D. Brian Smith, President of ARLINGTON RESOURCES
INC. (the "Company"), is pleased to report that the Company is
proceeding with a flow-through private placement of a minimum of
100,000 units and a maximum of 400,000 units at a purchase price
of $0.86 per unit for gross proceeds of a minimum of $86,000 and a
maximum of $344,000. The offering is scheduled to close on or
before July 3, 1998.
Each unit is comprised of one (1) flow-through share, and one (1)
non-transferable flow-through share purchase warrant. Each
warrant will entitle the holder thereof to purchase an additional
flow-through common share of the Company for a period of twelve
(12) months from the closing date at a purchase price of $1.00 per
flow-through common share.
The proceeds of this private placement will be used to carry out
the recommended exploration programs on the Company's mineral
properties; ASTRON BAY PROSPECT and PIPESTONE CAMERON PROSPECT
located in northwestern Ontario, and the recently acquired WOOD
MOUNTAIN PROPERTY located in south-central Saskatchewan, plus on
any additional mineral properties the Company may acquire.
ARLINGTON RESOURCES INC., an active exploration and development
junior resource company, currently has 3,306,000 shares
outstanding. In addition to its current working capital, the
Company may receive up to a further $576,350 upon exercise of
dilutive securities without giving effect to this offering.
|
