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

To: Alex Harrington who wrote (1426)	7/22/1998 9:06:00 AM
From: Phil Cressman	Respond to of 2346

What a relief, now management can concentrate on providing results from the Argentina and Chile properties. This should establish a low end rock bottom valuation of C$0.80 cents per share. With the wealth of detail provided to investors potential and current over the search for new investment surely we can hope for price support until the next wave of resource investment begins.

To: Alex Harrington who wrote (1426)	7/22/1998 12:52:00 PM
From: Ross Mickey	Read Replies (2) \| Respond to of 2346

"US$4,800,000. Bearer Notes were sold in principal amounts of S$5,000, with each note entitling its holder to convert it into 9,090 Common Shares of Yamana. The Notes have a term of five years and are convertible into Common Shares of Yamana at an initial conversion price of US$0.55 (est. C$0.81)per share." Dilution....$4,800,000 / $5,000 = 960 notes x 9,090 share = 8,726,400 shares "Each Noteholder also receives Warrants to purchase 4,545 Common Shares for each note. The Warrants become exercisable into Common Shares at a price of US$0.66 (est. C$0.97) before July 31, 2001, but only in the event that the corresponding Notes are voluntarily converted before July 17, 1999." Potential dilution....960 notes x 4,545 shares = 4,363,200 Potential additional cash....4,363,200 shares x $0.66 = $2,879,712 Capital stock as of Feb 28, 1998......27,332,359 shares Convertible notes......................8,726,400 shares Subtotal..............................36,058,759 shares Convert. notes warrants................4,363,200 shares Subtotal..............................40,421,929 shares Outstanding options....................2,997,250 shares Outstanding warrants...................5,111,566 shares Total.................................48,530,775 shares The outstanding warrants are as of Feb 28, 1998 and should have expired without being exercised. Best of Luck, Ross