News release $5,500,000 private placement
International Taurus Resources Inc ITS
Shares issued 26,751,339 Jun 2 close $0.61
Wed 3 Jun 98 News Release
Mr. Steven Parry reports
International Taurus has engaged Griffiths McBurney & Partners, Taurus
Capital Market and Wolverton Securities to act as agents for a $5,500,000
private placement of special warrants, consisting of 11,000,000 units at 50
cents per unit. Each unit is composed of one share and one-half warrant.
Each whole warrant will entitle the holder to acquire one share at 65 cents
until June 2, 1999 and at 75 cents until Dec. 2, 1999.
1,500,000 units will be designated as flow through units to be sold by
Wolverton Securities. Each flow through special warrant is convertible into
one, flow through share and one-half of one non-transferable non-flow
through warrant at the same terms as the units above.
The issue will close in conjunction with the completion of International
Taurus' acquisition of Cyprus Amax Mineral Company's Lyon project property,
as previously announced. Proceeds will be held in escrow until the Lyon
acquisition is completed.
The proceeds will be primarily used to develop the company's Lyon project
near Yerington, Nevada, where a mineral resource of 12.1 million tons
grading 3.41 per cent copper has been outlined by previous explorers,
including U.S. Steel, Anaconda and Cyprus Amax. Beyond this, additional
proceeds will be used to develop the company's other mineral properties and
for general working capital and corporate purposes.
The company also reports that it has received approval from the regulatory
authorities and has closed a previously announced $1,062,000 private
placement of units. Each $1.30 unit is composed of two shares and one-half
warrant. Each whole warrant entitles the holder to purchase a share at
$1.00. These proceeds will be used for preliminary work at the Lyon project
in Nevada and for general corporate purposes.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
|
