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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: gold$10k who wrote (25664)	12/17/2003 1:19:00 PM
From: bmccra	Respond to of 39344

VT, I was optimistic that it was something that might move the stock but this news doesn’t excite me too much. I was hoping that Resolute might be converting their debenture and making a play for MDN to secure the TSX listing but apparently not: NORTHERN MINING Explorations Ltd. (Explorations MINIERES du NORD or 'MDN') is pleased to announce that it has entered into an agreement with Haywood Securities Inc. and Dundee Securities Corporation, as agents, pursuant to which the agents have agreed to offer units of MDN, on a best effort private placement basis, at a price of $0.75 per unit for gross proceeds to MDN of $10 million. Each unit consists of one common share and one common share purchase warrant. Each warrant will be exercisable at a price of $1.00 for a period of five years from the closing date. The offering is scheduled to close on or about January 13, 2004 and is subject to the receipt of all necessary approvals including the approval of The Toronto Stock Exchange and the approval of MDN's shareholders. The Agents have an option to increase the size of the issue by up to $3.5 million prior to the closing date. Net proceeds from this offering will used to finance exploration programs on the properties located in Tanzania and in Eritrea and to reimburse US$3.0 million of MDN's convertible debenture-owed to Resolute Mining Limited with the balance being added to MDN's working capital. stockhouse.ca b