Gammon Lake Resources Inc -
Gammon Lake completes private placements
Gammon Lake Resources Inc
GAML
Shares issued 8,301,962
1999-05-11 close $2.3
Wednesday May 12 1999
Mr. Terence Donahoe reports
The company has declared that it has completed private placement for total gross
proceeds of $650,250. The first private placement consists of the sale of 107,143
units at $1.40 per unit for gross proceeds of $150,000. Each unit consists of one
share and one warrant, each warrant entitling the holder to subscribe for one share
for $1.50 until April 30, 2001, after which time each warrant expires. The second
private placement consists of the sale of 250,125 units at $2.00 per unit for gross
proceeds of $500,250. Each unit consists of one share and one warrant, each
warrant entitling the holder to subscribe for one share and one warrant, each
warrant entitling the holder to subscribe for one share for $2.00 until April 30,
2001, after which time each warrant expires.
The private placements were completed with arm's length subscribers for
investment purposes. The proceeds of the private placement will be used by the
company to conduct its exploration program for the Brenda mine project,
Ocampo, Chihuahua State, Mexico. |
