Steppe release concerning private placements to Antares:
Steppe Gold Resources Ltd
SPE Shares issued 27,967,926
Jul 2 close $0.22
Fri 3 Jul 98 Private Placement
The VSE has accepted for filing a non-brokered private placement of:
No. of shares: 1,500,000
Price: 20 cents
Warrants: For 750,000 shares
Wt exercise price: 22 cents for one year
Placee: Antares Mining and Exploration
Convertible Debenture: $1,700,000
Conversion price: Convertible, at the option of the holder, into
7,727,273 shares and 7,727,273 share purchase warrants at any time during the term of the debenture (debenture maturity date: June 26, 1999). The holder may elect at
maturity to convert the debenture into a 20 per cent interest in the company's interest in the Mizek, Kosmurun and Akbastau projects.
Maturity date: June 26, 1999
Warrants: Each warrant will have a term of one year
from the date of issuance of the notes and entitle the holder to purchase one share. The warrants are exercisable at 22 cents.
Placee: Antares Mining and Exploration
Finder's fee: 6 per cent of the total gross proceeds in cash and
350,000 two-year share purchase warrants, exercisable at 25 cents in the first year and at 28.75 cents in the second, to Coxswain Row Capital |
