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Gold/Mining/Energy : MODERN RECORDS INC. (MZR.V & MDNR.OTC)
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To: bcjt who wrote ()1/30/1999 10:20:00 PM
From: bcjt   of 188
 
Modern Records Inc -

Modern Records arranges special warrant financing

Modern Records Inc
MZR
Shares issued 19,680,000
1999-01-27 close $1.7
Thursday Jan 28 1999
Mr. Randy Jackson reports
The company has arranged a private placement of 1,000,000 special warrants at
$1.52 for gross proceeds of $1,520,000.
Each special warrant will permit the holder, without additional payment, to acquire
one common share and one share purchase warrant by the earlier of four months
from the closing date, if the company becomes eligible to rely on the British
Columbia Securities Commission's blanket order and ruling No. 98/7 to issue the
underlying securities subject to a four month hold period in B.C., or 330 days
from the closing date. If the company becomes eligible, the special warrants will
be deemed to be exercised on the day which is four months from the closing. Each
share purchase warrant will be exercisable into one additional share for two years
at $2.25 per share. The special warrants will not be registered in the U.S. and will
be subject to applicable restrictions on transfer under U.S. securities laws.
The company is negotiating an agreement on a project that would include the
recording of an album. The proceeds from this private placement will be used to
advance the project.
The company will not be proceeding with the convertible note financing
announced in Stockwatch Dec. 10, 1998.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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