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Gold/Mining/Energy : Abacus Minerals Corporation (V.AMC) -- Ignore unavailable to you. Want to Upgrade?

To: JAS who wrote (175)	6/2/1998 11:34:00 PM
From: Craig Jones	Respond to of 397

Check out the news release for details on the financing (message 164)

To: JAS who wrote (175)	6/3/1998 12:47:00 AM
From: Barry Cox	Read Replies (1) \| Respond to of 397

Here is the original announcement Abacus Minerals Corporation - Proposed $3m (U.S.) financing; high grade discovery hole in Argentina Abacus Minerals Corporation AMC Shares issued 21590405 1998-04-28 close $0.45 Wednesday Apr 29 1998 Mr. Steve Todoruk reports First American Financial Group of New York has agreed to use its best efforts to raise $3.0-million (U.S.) by way of a convertible debenture financing. The proposed minimum terms of the financing are as follows: Type of financing: Convertible debenture Amount: $3.0-million (U.S.) Interest: 9.0 per cent yearly Payments: In arrears, either quarterly or at the end of the term of the debenture, at Abacus' option as provided herein. Term: Three years from the date of closing. Conversion: No conversion or retraction for the first year of the term. During the second year, holder can apply to convert principal to common stock at 50 cents (Canadian) per share. During the third year, holder can apply to convert the principal to common stock at 60 cents (Canadian) per share. Upon receipt of notice of intent to convert, Abacus has 30 days to elect to: 1.Issue the appropriate common stock and pay interest arrears; or 2.Retract the debenture by: immediately granting the debenture holder 2.0 million, two year warrants exercisable into 2.0 million common shares at 50 cents (Canadian) during the first year or 5.75 cents (Canadian) during the second year, and paying in full all outstanding capital and arrears owing on the debenture within 120 days. After the first anniversary date, Abacus shall have the right to retract the debenture at any time under the same terms and conditions as 2. above providing that Abacus' shares are trading at a minimum of 50 cents (Canadian). Fees are $5,000 (U.S.) due on issue of commitment. One per cent of loan due at closing. The financing is subject to regulatory acceptance and the conversion price and the warrant exercise price will be based upon the trading price of the company's shares at the time a financing commitment is made, in accordance with the policies of the VSE.