Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Steppe Gold (SPE:V) -- Ignore unavailable to you. Want to Upgrade?

To: brian krause who wrote (984)	6/27/1998 2:55:00 AM
From: Robert Dydo	Read Replies (1) \| Respond to of 1248

Antares to subscribe for $1.7m Steppe debenture Steppe Gold Resources Ltd SPE Shares issued 27,967,926 Jun 26 close $0.19 Fri 26 Jun 98 News Release Also Antares Mining and Exploration Corp (ANZ) Mr. John Menzies reports After concluding satisfactory due diligence on Steppe Gold and its projects in Kazakhstan, Antares Mining has agreed to subscribe for a $1.7-million convertible debenture (see Stockwatch dated June 10, 1998). The debenture has a one year term and may be converted into either 7,727,273 shares and warrants to subscribe for 7,727,273 shares at 22 cents or, up to a 20 per cent interest in Steppe's interest in the Mizek, Kosmurun and Akbastau projects. By subscribing to the debenture, Antares will now be entitled to exercise the 750,000 share purchase warrants which are part of the private placement announced June 10. The proceeds of this issue will be used to advance the Mizek heap leach gold project through the due diligence process, as well as to pay the initial property acquisition payments on Kosmurun and Akbastau. Remaining funds will augment Steppe's working capital. A commission of 6 per cent of the gross proceeds, realized in the Antares financing is payable to Steppe's financial adviser CR Capital, as well as a fee of 350,000 share purchase warrants having a two year term, with an exercise price of 25 cents in year one and 28.75 cents in year two.