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Gold/Mining/Energy : Yamana Resources INC. T- YRI -- Ignore unavailable to you. Want to Upgrade?

To: Bearcatbob who wrote (1398)	7/2/1998 3:24:00 PM
From: Ross Mickey	Read Replies (2) \| Respond to of 2346

Preliminary prospectus filed; year end results Yamana Resources Inc YRI Shares issued 27,316,990 Jun 30 close $0.81 Thu 2 Jul 98 News Release Mr. Greg Taylor reports Yamana has filed a preliminary short-form prospectus with the Ontario Securities Commission in connection with a proposed offering of a minimum of $3-million (U.S.) in 8 per cent, five year, senior secured convertible notes, with attached warrants. It is anticipated that the final prospectus will be filed later this month. If Yamana's share price equals or exceeds 150 per cent of the conversion price over any 20 consecutive trading days following the closing of the offering, Yamana has the option to require holders to convert the notes. Yamana also has the right at the end of the five year term to repay the principal and accrued interest either in cash, at par, or in shares at a rate of 120 per cent of par. Incentives for voluntary early conversion by noteholders into common shares consist of a premium of 10 per cent additional common shares in the first six months of the term and 5 per cent in the second six months. The warrants being offered only become exercisable in the event that the holder voluntarily converts the notes within one year from the closing date of the offering. The exercise price of the warrants will be at a premium to the current market price of Yamana's common shares. Proceeds from this issue will be added to current cash reserves and used to finance the company's exploration operations, especially in western Santa Cruz province, Argentina, as well as for general purposes. For the fiscal year ended Feb. 28, 1998, Yamana incurred a loss of $5,652,306, (U.S.) compared with a loss of $1,838,898 (U.S.) the year earlier. This increase was mainly due to mineral property write-offs of $2.5-million (U.S.) reflecting an assessment of the diminished value of the Neuquen oxide copper project and decisions to abandon exploration at Concepcion in Paraguay, as well as at Blue Lake and Schuer Bet in Washington state. Yamana's cash as of Feb. 28, 1998 totalled $4,215,456 (U.S.), compared with $18,836,759 (U.S.) at the beginning of the fiscal year. Expenditures on mineral properties for the 12 months ended Feb. 28, 1998 were $13,235,216 (U.S.) compared with $7,496,948 (U.S.) the previous year. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com