Barramundi (BAM) continues to get funding.
Find following copy of latest news release.
Barramundi has now raised over $1M towards Longline
project in last 6 months.
>>>>>> Release <<<<<<<<
Barramundi Gold Ltd - Barramundi receives further funds
Barramundi Gold Ltd BAM
Shares issued 12,026,850 1998-12-31 close $0.2
Monday Jan 4 1999
Mr. Bob Burban reports
The company has received further funds in the amount of $300,000 (Canadian), pursuant to the issuance of convertible notes for $300,000 (Canadian) maturing Dec. 2, 2000. The notes, together with the other notes issued, will be secured by a charge over all the assets of Barramundi.
Interest will be payable on the notes at an annual rate of 8 per cent and will accrue quarterly. At Barramundi's election, interest payable may be satisfied by the issuance of common shares at an issue price based upon the average trading price of the preceding 10 days on which Barramundi shares have traded on the Alberta Stock Exchange.
The note will be convertible on or before Dec. 2, 2000, at the holder's option, into units consisting of one share and one warrant at 15 cents per unit. Each warrant will be exchangeable into one share at any time up to Dec. 2, 2000, at 20 cents per share.
The non-brokered convertible notes have been placed with an arm's length party, and a finder's fee of 7.5 per cent has been paid.
Barramundi has also completed private placements for a total of $629,500. The placements consisted of 3,195,000 flow-through units and 1,001,667 units without flow-through attributes.
The flow-through units were issued at 15 cents and consist of one flow-through share, and one flow-through warrant. The flow-through warrant allows the subscriber to purchase a further flow-through share at 20 cents at any time on or before two years from the date in December 1998 on which the warrants were issued. The flow-through shares and flow-through warrants will be subject to applicable hold periods. 1,950,000 of the flow-through units were placed with arm's length parties, and 1,245,000 flow-through units were placed with directors, employees and other non-arm's length parties.
The units without flow-through attributes were issued at 15 cents and consist of one share and one warrant. The warrant allows the subscriber to purchase a further share at 20 cents at any time on or before two years from the date in December 1998 on which the warrants were issued. The shares and warrants will be subject to applicable hold periods. 666,667 of the units without flow-through attributes were placed with arm's length parties, and 335,000 units without flow-through attributes were placed with directors, employees and other non-arm's length parties.
A finder's fee of 5 per cent has been paid in respect of the 1,950,000 flow-through units which were placed with arm's length parties. No other finders or other fees are payable in respect of the non-brokered private placements.
The convertible note issue and private placements are now closed.
The funds from the convertible notes and the private placements will be used to advance the Longline project bulk sampling/mining operation as outlined in Stockwatch Nov. 18, 1998, issued by Barramundi, and for general working capital.
The issue price for the convertible notes and the private placements was determined based on the last sale price for the shares of Barramundi Gold on the Alberta Stock Exchange on Oct. 6, 1998.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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