February 21, 1999 Trading Symbol: RRL-V
News Release
Rocca Resources Ltd. Announces $250,000 Private Placement
The Company wishes to announce that it has arranged, subject to
regulatory approval, a private placement of 694,445 units at a price of
$0.36 per unit. Each unit consists of one share without par value in
the capital stock of the Company and one non-transferable share purchase
warrant, each warrant entitling the holder thereof to purchase an
additional common share in the capital stock of the Company for a period
of two years at a price of $0.36 per share if exercised in the first
year or a price of $0.42 per share if exercised in the second year.
The proceeds from the private placement, expected to be $250,000, will
be used for funding a further work program on the mine Leonardo
($150,000) and general working capital ($100,000). The Company is
currently discussing with Grupo Economico Fenix (GEF), the vendor of the
mine Leonardo, the possibility of a strategic alliance to explore and
market the various properties owned by GEF in Argentina.
The Company may pay a finder's fee in accordance with the policies of
the Vancouver Stock Exchange.
The Company has recently received a report from its initial exploration
work that recommends a work program to trench and drill the mine
Leonardo. The goal of this program will be to prove the oil grade and
expand the tonnage. This report reads in part: "There may be three oil
shale beds, their strike may extend continuously in both directions for
long distances…"
The Company has cancelled the private placement of 277,778 units at a
price of $0.36 per unit announced January 18, 1999.
ON BEHALF OF THE BOARD OF DIRECTORS
ROCCA RESOURCES LTD.
Per: "Shaun Ledding"
Shaun Ledding, Vice President Corporate Development
The Vancouver Stock Exchange has neither approved nor disapproved the
information contained herein. |
