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Gold/Mining/Energy : Prospectors Alliance Corp. (PALL- CDN) -- Ignore unavailable to you. Want to Upgrade?

To: jamesien who wrote (176)	1/18/2001 3:40:28 PM
From: Midas	Read Replies (1) \| Respond to of 187

Hello jamesien: More financial news from PALL. Midas PROSPECTORS ALLIANCE CORP ("YRP-V;PRAIF-L") - Explorers Arranges Convertible Debenture Financing Explorers Alliance Corporation (currently trading under its previous name of Prospectors Alliance Corporation, 20,466,121 outstanding shares) is pleased to announce that it has received a financing commitment from Bronia GmbH for US $1,650,000.This financing replaces the previously announced similar financing arrangement with Cambridge Capital Group, Inc., of Washington, D.C., who have failed to meet any of their commitments under the terms of their Commitment Agreement. The convertible debenture will be advanced in tranches of US $499,000 with a conversion feature and each tranche being due six months after drawdown. The debenture will be convertible at a price of CDN $0.62 per share and Explorers will have the right to force partial conversions and extension of the maturity based on the terms of the debenture. The debenture will bear interest at a minimum rate of 7% per annum payable quarterly and will be redeemable at a premium to face value if not converted. Bronia GmbH will also receive 2.0 million share purchase warrants in Explorers exercisable for 24 months at a price of $1.00 per share.The debenture commitment is conditional on the completion of final documentation and regulatory approval. Explorers is very pleased with the Bronia commitment and expects the transaction will be completed on an expeditious basis. Bronia, through their agent, have indicated their willingness to work with Explorers to help ensure the long-term success of the Company. The Company also reminds shareholders that its shares are still being quoted on the Canadian Venture Exchange (CDNX) on a pre-consolidation basis. Application has been made to CDNX for continuation of the Company's listing under its new name and on a post-consolidation basis and expects to complete these arrangements very shortly. TEL: (416) 360-5333 Jean-Claude Bonhomme, President & CEO Garry R. Stein, V.P., CFO & Secretary Explorers Alliance Corp.