Major General Resources Limited Message Board

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Gold/Mining/Energy : Major General Resources Limited

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To: Steven Fischer who wrote (15)	12/3/1996 6:48:00 PM
From: Robert Saito	of 123

Major General Resources Ltd MGJ VSE December 3, 1996 Negotiated A Private Placement Major General Resource Ltd. announced the Company has negotiated a private placement of up to 273,000 units at a price of $2.75 per unit. Each unit will consist of five shares (four of which shares, at the election of the investor, may be flow-through shares) and one non-transferable share purchase warrant entitling the holder to purchase an additional five shares (four of which shares, at the election of the investor, may be flow-through shares) at a price of $0.60 per share on or before September 30, 1997. A maximum fee of 7.5% will be payable on a portion of the placement. Eighty percent of the proceeds will be expended as qualified Canadian Exploration Expense Expenditures on gold and base metals properties in Canada. Twenty percent of the proceeds will be allocated to working capital. At November 30, 1996, the Company's working capital position was approximately $324,000. This private placement is subject to regulatory approval. TEL: (604) 685-5254 Don Willoughby, IR RS: Let's keep the engine running here...

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