NEWS RELEASE 98-8
Private Placement Amended
New Claymore Resources Ltd. (the "Company") announces that it has
agreed with Golden Capital Securities Ltd. ("Golden") to amend the
terms of the private placement of 1,000,000 units announced May 19,
1998. The price for the units has been reduced from $1.60 to $1.10
per unit to reflect the current market price. Investors may elect to
purchase either an A Unit or a B Unit, subject to a maximum of
500,000 B Units which are available for sale. The A Unit will be
comprised of share and one whole share purchase warrant. The B
Units will be comprised of one flow-through share and one-half of one
warrant. Each whole warrant will entitle the holder to acquire an
additional common share in the capital of the Company for a period of
12 months from closing at a price of $1.25 per share.
Golden Capital will receive a commission of 7.5% of the gross
proceeds of the offering, payable in cash or in common shares or a
combination, at the election of Golden Capital. In addition, the
Company will issue to Golden Capital 200,000 warrants, (the "Agent's
Warrants"), and a corporate finance fee of $55,000 payable by the
issuance of 50,000 common shares at a deemed price of $1.10 per
share. Each Agent's Warrant will entitle the Agent to purchase a
further common share of the Company for a period of one year at a
price of $1.25 per share. The amendment of these terms is subject to
regulatory acceptance. Closing is scheduled to occur by the end of
August 1998.
NEW CLAYMORE RESOURCES LTD.
Anthony Rich, P. Geol.
President
For further information please contact:
Jackie Muirhead, Investor Relations
Tel: (604) 669-1084 Toll free: 1-888-522-9333
Fax: (604) 669-7659
E-mail: comments@newclaymore.com
Web Site: www.newclaymore.com |
