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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC)
AMC 2.590+3.0%3:59 PM EST
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To: JAS who wrote (175)6/3/1998 12:47:00 AM
From: Barry Cox  Read Replies (1) of 397
 
Here is the original announcement

Abacus Minerals Corporation -

Proposed $3m (U.S.) financing; high grade discovery hole in Argentina

Abacus Minerals Corporation AMC
Shares issued 21590405 1998-04-28 close $0.45
Wednesday Apr 29 1998
Mr. Steve Todoruk reports
First American Financial Group of New York has agreed to use
its best efforts to raise $3.0-million (U.S.) by way of a
convertible debenture financing. The proposed minimum terms
of the financing are as follows:

Type of financing: Convertible debenture

Amount: $3.0-million (U.S.)

Interest: 9.0 per cent yearly

Payments: In arrears, either quarterly or at the end of the term
of the debenture, at Abacus' option as
provided herein.

Term: Three years from the date of closing.

Conversion: No conversion or retraction for the first year of the
term. During the second year, holder can apply to
convert principal to common stock at 50 cents
(Canadian) per share. During the third year,
holder can apply to convert the principal
to common stock at 60 cents (Canadian)
per share.

Upon receipt of notice of intent to convert, Abacus has 30
days to elect to:
1.Issue the appropriate common stock and pay interest
arrears; or
2.Retract the debenture by: immediately granting the
debenture holder 2.0 million, two year warrants
exercisable into 2.0 million common shares at 50 cents
(Canadian) during the first year or 5.75 cents (Canadian)
during the second year, and paying in full all outstanding
capital and arrears owing on the debenture within 120
days.
After the first anniversary date, Abacus shall have the right
to retract the debenture at any time under the same terms and
conditions as 2. above providing that Abacus' shares are
trading at a minimum of 50 cents (Canadian).
Fees are $5,000 (U.S.) due on issue of commitment. One per
cent of loan due at closing.
The financing is subject to regulatory acceptance and the
conversion price and the warrant exercise price will be based
upon the trading price of the company's shares at the time a
financing commitment is made, in accordance with the policies
of the VSE.
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