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Gold/Mining/Energy : KOB.TO - East Lost Hills & GSJB joint venture -- Ignore unavailable to you. Want to Upgrade?

To: GeolostInOK who wrote (12056)	9/28/2000 7:38:24 PM
From: Salt'n'Peppa	Read Replies (2) \| Respond to of 15703

NEWS: KOB changes mind on latest PP Kookaburra Resources Ltd. - Revised financing with Xenolith Limited TSE Symbol: KOB VANCOUVER, Sept. 28 /CNW/ - The convertible debenture financing with Xenolith Gold Limited (Xenolith) announced September 18, 2000 will not proceed. Xenolith is an insider of the Company holding greater than 10% of the issued and outstanding shares. A private placement of 600,000 units at $1.06, being the closing price of September 28, 2000, has been arranged with Xenolith. Each unit comprises a share and a share purchase warrant. Each share purchase warrant will entitle the holder to purchase an additional share for two years at $1.06 per share. ---------------------------- IMO, this deal is not as good for the shareholder as the convertible debenture deal, as each unit carries a full warrant in addition to the share. Under the deal announced Sept. 18th, each unit would have carried half a warrant. Still, KOB gets $600,000 CDN in the bank. This is a good deal for Xenolith gold. I wonder if the Haywood cross of 550,000 shares of KOB (at $1.15) last Monday Sept. 18th had anything to do with financing this? 600,000 x $1.06 = $636,000 550,000 x $1.15 = $632,500 Sell the shares out of your existing pool, then replace them with a new issue, gaining 50,000 shares and a warrant exercisable for 2 years at $1.06. Not a bad deal, if you can swing it. But then again, I may be wrong. S&P