*** News Release ***
May 19, 1998 VSE Symbol - NCS
U.S. 12g #82-8433
NEWS RELEASE 98-5
Private Placement
New Claymore Resources Ltd. (the "Company") is pleased to announce that it has agreed to a private placement of up to 1,000,000 units (the "Units") at a price of $1.60 per Unit. Each Unit will consist of one common share in the capital of the Company and one non transferable share purchase warrant (the "Warrants"). Each Warrant will entitle the holder to purchase a further common share (the "Warrant Shares") in the capital of the Company for a period of one year at a price of $1.75 per Warrant Share.
Golden Capital Securities Ltd. ("Golden") has agreed to act as exclusive agent (the "Agent") for the private placement and as such will receive a commission of 7.5% of the gross proceeds of the Units placed by Golden, payable in cash or common shares. In addition, the Company has agreed to issue to Golden 200,000 warrants, (the "Agent's Warrants"), and a corporate finance fee of $80,000 payable by the issuance of 50,000 common shares at a deemed price of $1.60 per share. Each Agent's Warrant will entitle the Agent to purchase a further common share of the Company for a period of one year at a price of $1.75 per Agent's Warrant Share.
The net proceeds from the issue will be used to fund the exploration and development of the Company's Buffalo Hills, Alberta properties and for general corporate purposes.
The private placement is subject to all necessary regulatory approvals.
NEW CLAYMORE RESOURCES LTD.
signed "Anthony Rich"
Anthony Rich, P. Geol.
President
For further information please contact:
Jackie Muirhead, Investor Relations
Tel: (604) 669-1084 Toll free: 1-888-522-9333
Fax: (604) 669-7659
E-mail: comments@newclaymore.com
Web Site: www.newclaymore.com |
