I agree with Red. It is always better to raise money when you can not when you need it. $10.6 million has just been raised at $2.
Sincerely,
Sudhir Khanna, P.Eng.
Editor, The RESOURCE INDICATOR
goldsheet.simplenet.com
Attention Business Editors:
Winspear Resources Ltd. announces that the company has negotiated a private
placement
VANCOUVER, Nov. 17 /CNW/ - Winspear Resources Ltd.
Trading Symbol: WSP-V
Randy C. Turner, President and C.E.O. of Winspear Resources Ltd. (the ''Company''), announces that the company has negotiated a private placement for a total of up to 5,000,000 units (the ''Private Placement Units''), comprised of 2,000,000 non-flow-through units (the ''Non FT Units'') and 3,000,000 flow-through units (the ''FT Units''), to net the treasury an aggregate of $10,600,000. A portion of the transaction will be brokered and a commission will be paid in connection therewith.
Each Non-FT Unit will be comprised of one common share and one share purchase warrant (the ''Non-FT Warrant'') in the capital stock of the Company at $2.00 per Non-FT Unit to net the treasury an aggregate of $4,000,000.
One Non-FT Warrant will entitle the holder to purchase one additional common share (the ''Non-FT Shares'') of the Company for a period of 12 months from the date of closing of the transaction at $2.25 per Non-FT Share.
Each FT Unit will be comprised of one common share and one share
purchase warrant (the ''FT Warrant'') in the capital stock of the Company at $2.20 per FT Unit to net the treasury an aggregate of $6,600,000. One FT Warrant will entitle the holder to purchase one additional common share (the ''FT Shares'') of the Company for a period of 12 months from the date of closing of the transaction at $2.50 per FT Share.
The proceeds of the private placement will be used to fund the 1999 exploration program on the Company's Camsell Lake Property, Northwest Territories.
The common shares and any shares issued on the exercise of the Non-FT Warrants and the FT Warrants forming a part of the Private Placement Units will be subject to a ''hold period'' of four months from closing of the transaction. The proceeds from the exercise of the Non-FT Warrants and the FT Warrants will provide general working capital and additional exploration funding.
The private placement transaction is subject to acceptance by the
Vancouver Stock Exchange and any other regulatory authority having
jurisdiction.
WINSPEAR RESOURCES LTD.
------------------------
Randy C. Turner, P. Geo.
President & C.E.O.
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this news
-0- 11/17/1998 |
