$1m financing; incentive stock options
Donner Minerals Ltd DML
Shares issued 31,689,657 Nov 20 close $0.26
Mon 23 Nov 98 News Release
Mr. David Patterson reports
The company has negotiated a brokered private placement with Union
Securities in the amount of $1,000,000. These funds will be raised by the
company issuing a total of 2,500,000 non-flow-through units at 20 cents per
unit and a total of 2,500,000 flow-through units at 20 cents per unit. Each
non-flow-through unit is comprised of one share and one warrant entitling
the holder to purchase one additional share at 20 cents for one year. Each
flow-through unit is comprised of one flow-through share and one warrant
entitling the holder to purchase one additional flow-through share at 20
cents for one year.
The company has agreed to pay Union Securities a 5 per cent commission and
has further agreed to issue Class B warrants to purchase up to 300,000
shares at 20 cents for one year.
The net proceeds of the offering will be used for working capital and for
further exploration of the company's South Voisey Bay project.
In addition, the company has granted 1,114,024 incentive stock options to
certain of its directors, officer and employees pursuant to the company's
stock option plan. These options are exercisable for 10 years at 32 cents,
being the average trading price of the company's shares over the last 10
trading days. |
