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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC)
AMC 2.515+0.2%Nov 5 3:59 PM EST
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To: knight who wrote (152)5/27/1998 6:17:00 PM
From: knight  Read Replies (2) of 397
 
*****NEWS RELEASE*****

$3m (U.S.) convertible debenture financing; La Manchuria drillingÿÿÿÿÿÿÿÿÿ
progressÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Abacus Minerals Corporationÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ AMC
Shares issued 21,590,405ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ May 26 close $0.48
Wed 27 May 98ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ News Release
Mr. Steve Todoruk reports
The company has signedÿ aÿ commitmentÿ forÿ $3-millionÿ (U.S.)ÿ convertible
debenture financing to be provided by First American Financial Group of New
York.
Proceeds will be used to finance developmentÿ ofÿ theÿ Niblackÿ projectÿ in
Alaska and the La Manchuria project in Argentina, and for working capital.
The terms of the convertible debenture were set out inÿ theÿ previousÿ news
release.ÿ Closingÿ ofÿ theÿ financingÿ is subject to regulatory acceptance,
completion of financing documents and closing occurring by July 11, 1998.
Five phase II diamond drill holes have been completed on theÿ Laÿ Manchuria
property in Santa Cruz, Argentina. The drill holes tested the area of drill
hole LM98-2 which previously reported grades of 6.53 g/t gold and 22.3ÿ g/t
silverÿ overÿ 58.05 metres. The assay results of these first phase II drill
holes are pending and will be released as soon as available.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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