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Antares Mining and Exploration Corp -
Antares to subscribe for $1.7m Steppe
debenture
Antares Mining and Exploration Corp
ANZ
Shares issued 18,992,219
1998-06-26 close $0.33
Friday Jun 26 1998
See Steppe Gold Resources Ltd (SPE) News Release
Mr. John Menzies reports
After concluding satisfactory due diligence on Steppe Gold and its projects in
Kazakhstan, Antares Mining has agreed to subscribe for a $1.7-million
convertible debenture (see Stockwatch dated June 10, 1998).
The debenture has a one year term and may be converted into either 7,727,273
shares and warrants to subscribe for 7,727,273 shares at 22 cents or, up to a 20
per cent interest in Steppe's interest in the Mizek, Kosmurun and Akbastau
projects. By subscribing to the debenture, Antares will now be entitled to exercise
the 750,000 share purchase warrants which are part of the private placement
announced June 10.
The proceeds of this issue will be used to advance the Mizek heap leach gold
project through the due diligence process, as well as to pay the initial property
acquisition payments on Kosmurun and Akbastau. Remaining funds will augment
Steppe's working capital.
A commission of 6 per cent of the gross proceeds, realized in the Antares
financing is payable to Steppe's financial adviser CR Capital, as well as a fee of
350,000 share purchase warrants having a two year term, with an exercise price
of 25 cents in year one and 28.75 cents in year two.
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