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Gold/Mining/Energy : Regal GOldfields (REGL -- Cdn over the counter) -- Ignore unavailable to you. Want to Upgrade?

To: Brian Warner who wrote (331)	3/9/1998 9:48:00 PM
From: Brian Warner	Read Replies (2) \| Respond to of 370

fin-info.com Regal Goldfields Limited Company Announcement TORONTO, ONTARIO--Regal Goldfields Limited (the "Company") announces that the rights offering that was previously announced on February 11, 1998 has received approval from the securities regulatory authorities in the Provinces of Alberta, British Columbia, Nova Scotia, Ontario and Quebec. As a result of this approval, the record date of the offer has been set for March 16, 1998 and the expiry date of the offer will be April 8, 1998. Each registered holder of the Company's common shares will receive one right for each common share held on the record date. Each holder of the Company's special warrants will receive one and one-half rights for each special warrant held on the record date. Each holder of the 375,000 common share purchase warrants issued by way of private placement on February 9, 1998 will receive one right for each common share purchase warrant held on the record date. Four rights entitle the holder to purchase one common share at Cdn. $0.14 per share. The maximum number of common shares issuable pursuant to the rights offering is 3,672,160 common shares. Assuming all rights are exercised, proceeds of the offering are anticipated to be approximately $514,000. Shareholders, holders of special warrants and holders of the common share purchase warrants who exercise all of their rights pursuant to the basic subscription privilege will also be entitled, pursuant to an additional subscription privilege, to acquire additional shares available as a result of unexercised rights. Thereafter, to the extent that any rights remain unexercised, the Company has arranged for the issue to be underwritten in part by a group of investors, who have agreed to exercise unexercised rights to acquire up to 1,785,712 shares pursuant to their stand-by commitments. The proceeds of the rights offering will be used in part (i) to fund the Company's application to the Supreme Court of Nova Scotia to have the revocation by the Nova Scotia government of a mineral exploration permit held by the Company declared unlawful; and (ii) for general working capital purposes. The issued and outstanding capital of the Company as at March 6, 1998 consists of 11,313,643 shares. The Company has outstanding (i) 2,000,000 special warrants entitling the holder to one share and one-half of a common share purchase warrant at an exercise price of $0.20 per share; (ii) warrants to purchase 100,000 shares at an exercise price of $1.50 per share; (iii) warrants to purchase 2,780,000 shares at an exercise price of $0.90 per share; (iv) warrants to purchase 375,000 shares at an exercise price of $0.25 per share; (v) incentive stock options to purchase 126,000 shares at an exercise price of $1.00 per share; and (vi) incentive stock options to purchase 1,174,000 shares at an exercise price of $1.25 per share. As a result of the rights offering, the warrants and options referred to in (ii), (iii), (v) and (vi) will be adjusted according to the terms of their agreement. Regal Goldfields Limited is engaged in exploration for and development of mineral properties in Canada. It currently has active exploration programs in northwestern Cape Breton Island, Nova Scotia and Kidd Township in Timmins, Ontario. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Regal Goldfields Limited Richard W. Brissenden President (416) 364-1130 (416) 364-6745 (FAX) NO REGULATORY AUTHORITIES OR SIMILAR BODIES HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.