Robert
Latest News
FIRST NEWS RELEASE: Antares to acquire Steppe shares
Antares Mining and Exploration Corp ANZ
Shares issued 18,992,219 Jun 8 close $0.35
Tue 9 Jun 98 News Release
See Steppe Gold Resources Ltd (SPE) News Release
Mr. John Menzies reports Steppe Gold has entered into agreements with
Antares Mining and Exploration whereby Antares will immediately
subscribe $300,000 for a private placement of 1.5 million shares at 20
cents per share and 750,000 warrants exercisable at 22 cents.
Upon completion of satisfactory due diligence Antares has agreed to
subscribe for a $1.7-million convertible debenture having a one year
term and convertible into either 7,727,273 shares and warrants to
subscribe for 7,727,273 shares at 22 cents or alternatively up
to a 20 per cent interest in Steppe Gold's interest in the Mizek,
Kosmurun and Akbastau projects.
The 750,000 warrants issued as a part of the private placement will only
become exercisable upon subscription for the convertible debenture.
In addition, companies associated with certain of the directors of Steppe
Gold have agreed to subscribe for 5 million shares at 20 cents per share
in settlement of $1-million of outstanding liabilities.
The principal use of proceeds of the issue to Antares is to initiate the
due diligence to be undertaken by Standard Bank London regarding the
project debt finance for Mizek and to provide working capital to
progress its other projects in Kazakhstan.
Ian Smith has been appointed chief operating officer of Steppe Gold.
Francis |
