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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC)
AMC 2.515+0.2%Nov 5 3:59 PM EST
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To: Abbeydale who wrote (246)10/13/1998 9:54:00 PM
From: Neil Irwin  Read Replies (2) of 397
 
All,

Let the show begin!

Neil.

===========
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS

FOR: ABACUS MINERALS CORPORATION

VSE SYMBOL: AMC

OCTOBER 13, 1998

Abacus Minerals: $600,000 Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--Abacus Minerals Corporation (the
"Company") is pleased to announce it has signed a Letter of
Engagement to raise gross proceeds of $600,000. Brink, Hudson &
Levefer Ltd. (the "Agent") will place up to 3,000,000 units at a
price of $0.20 each. Each unit will comprise one common share and
one-half common share purchase warrant (Common Warrant) of the
Company exercisable at any time for a period of two years from the
date of closing. Each Common Warrant is exercisable at $0.25 to
acquire one common share. The Agent will receive an 8.0 percent
commission in cash and will receive a bonus equal to 10 percent of
the units placed, payable in warrants with the same terms of those
which underlie the private placement.

The shares and any shares issued pursuant to the exercise of the
warrants will be subject to a four month hold period since the
company has a current annual information form on file. The private
placement will be completed on a best efforts basis.

The majority of the proceeds from the private placement will be
used for the next phase of drilling on the Company's La Manchuria
Project in Santa Cruz, Argentina. The private placement is
subject to regulatory acceptance.

ABACUS MINERALS CORPORATION

Steve L. Todoruk, P.Geo. , President

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