Thought I would take Marauder's "drive by" with some seriousness and do more digging. Lets face it, no one likes to loose all their marbles and it's not over till the fat lady sings. So I called my contacts and found the following:
1. AMC targeting another 10-15 drill holes in September and is currently in process of a small private placement (next two weeks) to fund this drill program.
2. Yamana Resources (YRI.TO) is an old timer in the Argentina play with their Lejano property (north of AMC's La Manchuria) and their Bacon property (south of AMC's La Manchuria). They have drilled 81 holes (1500 to 1400 meters) at Lejano and 35 holes (40 to 100 meters) at Bacon. Yamana had a good day. Volume of 76,909. Up 10.67% or +0.08 to end at $0.83 per share.
The following news release broke tonight:
Wednesday July 22, 8:09 am Eastern Time
Company Press Release
Yamana Completes Convertible Debenture Offering
SPOKANE, WASHINGTON--(BUSINESS WIRE)--July 22, 1998--Yamana Resources Inc (TSE:YRI. - news) Yamana Resources Inc. announces that it has completed an offering of 8 percent Senior Secured Convertible Notes and Warrants for gross proceeds of US$4,800,000. Bearer Notes were sold in principal amounts of US$5,000, with each note entitling its holder to convert it into 9,090 Common Shares of Yamana. The Notes have a term of five years and are convertible into Common Shares of Yamana at an initial conversion price of US$0.55 (est. C$0.81) per share. Each Noteholder also receives Warrants to purchase 4,545 Common Shares for each note. The Warrants become exercisable into Common Shares at a price of US$0.66 (est. C$0.97) before July 31, 2001, but only in the event that the corresponding Notes are voluntarily converted before July 17, 1999.
Under the terms of the offering, specified premiums are available to Noteholders voluntarily converting to Common Shares within the first year. Further, the agreement provides Yamana with the right to force conversion of the Notes if the Company's share price exceeds certain levels during the five-year term. Yamana maintains the option to pay the principal and interest on the Notes either in cash or, subject to certain premiums, in Common Shares.
Yamana intends to use the majority of the proceeds from this financing for exploration of its properties in the emerging precious-metals district in the western region of the Company's wholly owned Santa Cruz, Argentina, project. Much of the focus will be on conducting diamond core drilling at Lejano and Bacon, where reverse-circulation drilling discovered deposits of bonanza-grade silver with gold. Yamana also plans initial diamond core drill testing of numerous established targets on several of its properties in the Northern Porphyry Copper Belt in Chile. Details of these two exploration programs, both of which are scheduled to begin in September following the southern winter, will be released in August.
Yamana Resources Inc. is a Canadian exploration company holding interests in projects in Argentina, Chile, Paraguay, Papua New Guinea, Indonesia, and Washington state.
None of the securities have been or will be registered under the United States Securities Act of 1933 and these securities may not be offered or sold in the United States or to U.S. persons unless an exemption from registration is available.
To Marauder: Maybe you should shine and re-pack your marbles. Then come out and play. AMC still looks promising.
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