Hello Guys,
All these Capital funding programs, is this a good stock to grasp on to??? Private Placements at 25 cents and this NEW RELEASE (below) selling shares at 35 cents including a 1 for 2 share warrants for 18 months. Is it really that under-valued? I think this Placement by Yorkton will push the price down to 35 cents (go figure!!!) I really want to know what you guys think, since I have not watched this stock before, and just started investigating it today.
Thanks,
Cory
Here's the NEWS RELEASE (You probably know of it already)
2m unit private placement
Blue Ribbon Resources Ltd BLO
Shares issued 12,154,612 Feb 24 close $0.49
Mon 24 Feb 97 News Release
Mr Jack DiMarchi reports,
The company is pleased to announce that it has agreed to do a brokered private placement with Yorkton Securities Inc to place up to two million units at a price of $0.35 per unit. Each unit shall consist of one common share in the capital of the company and one half of one common non-transferable share purchase warrant, which warrant is exercisable for an 18 month period. Each whole warrant entitles the holder to purchase one additional share of the company at $0.40 per share. There is a commission payable to Yorkton Securities of 7.5% of the gross proceeds payable in cash
and agent's warrants to purchase up to 200,000 common shares of the company at $0.40 per share for an 18 month term. The net proceeds from this financing will be used to complete auger drilling and detailed surface sampling at some of the company's more promising gold targets including:
1) The 3km long Kwakakka Creek soil anomaly on the Dijon concession where trench sampling returned assays of 1.5 gpt over 24 metres including three metres with 9.87 gpt and grab samples with up to 57 gpt, and auger drilling results included 7.5 metres with 3.9 gpt gold.
2) The Oelemari concession where 41 pan concentrate samples, containing visible gold and assaying as high as 7.2 milligrams gold, define the Siddhartha target area in the northwest portion of the concession.
3) The Bemau and Toeboeka concessions where assay results from more than 3,000 soil samples were used to define six targets for follow-up surface sampling and auger drilling. These targets have already yielded soil samples with up to 10.3 gpt and surface rock samples with up to 16.8 gpt gold.
This transaction is subject to regulatory and board approval.
For further information please contact:
Martyn Element & Associates
Telephone: (604) 687-6820
Toll Free: (800) 505-5655
Fax: (604) 687-6328
Internet: info-mine.com
email: element@info-mine.com |
