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Gold/Mining/Energy : BRE-X, Indonesia, Ashanti Goldfields, Strong Companies. -- Ignore unavailable to you. Want to Upgrade?

To: alan holman who wrote (28063)	10/30/1998 7:24:00 PM
From: alan holman	Read Replies (2) \| Respond to of 28369

MACDONALD MINES RIGHTS OFFERING 981030 - MACDONALD MINES EXPLORATION LTD.(MMP.A) - TORONTO, ONTARIO MacDonald Mines Exploration Ltd. (MMP.A - ASE) announced that it has, today, filed for approval of regulatory authorities a Rights Offering of 18.9 million units comprising a share and half warrant each. The company currently has 75.7 million shares issued and outstanding. Under a Small Holder Additional Subscription privilege, MacDonald Mines' shareholders owning fewer than 5,000 shares, will be entitled to subscribe for up to 300 times their basic allotment, from the exercise of Rights made available by the company's principal shareholders. More than half MacDonald Mines' shareholders own less than a 1,000-share board lot. The Small Holder Additional Subscription Privilege provides those shareholders with an opportunity to economically acquire tradable board-lot positions. The exercise price of the Rights to be distributed under the Offering, will be determined prior to distribution, as will the exercise price and term of any warrants issuable upon exercise of the Rights. Proceeds of the Rights Offering will permit MacDonald Mines to meet original listing requirements of the senior stock exchanges where it has applied to list its shares for trading. The exploration program outlined for use of the proceeds, includes testing of some 12 high priority target areas of the 36 mineralized occurrences identified in the company's 2,000 sq. km. concession in eastern Cuba. A number of these targets are adjacent to the company's Golden Hill Area ephithermal gold discovery. ----- FOR FURTHER INFORMATION CONTACT: MacDonald Mines Exploration Ltd. Mario A. Miranda, President Telephone: (416) 865-1625 Facsimile : (416) 865-9386