Antares to subscribe for $1.7m Steppe debenture
Steppe Gold Resources Ltd SPE
Shares issued 27,967,926 Jun 26 close $0.19
Fri 26 Jun 98 News Release
Also Antares Mining and Exploration Corp (ANZ)
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. |
