More FinancingBOLIVAR GOLDFIELDS LTD ("BVG-T;BLVGF-L") - $20 Million Financing
Bolivar Goldfields Ltd. announced that it has signed an engagement letter with Canaccord Capital (Europe) Ltd. for a Cdn$20.6 million financing. The financing, which is scheduled to close on March 31, 2000, will be offered to investors outside of Canada and the USA and the proceeds will be used by Bolivar to fund its foray into the e-commerce and telecommunications markets. Bolivar will specifically focus on investments involved in broadband business-to-business Internet access, Internet infrastructure and telecommunications in Europe and Latin America. Bolivar is presently analysing prospective business opportunities in Spain, Portugal, Venezuela and Argentina.
As a result of Bolivar's successful investment in Wavve Telecommunications, Inc. ("Wavve", CDNX symbol: WV) and in keeping with Bolivar's investment strategy, Bolivar intends to use up to US$5 million of the proceeds from the financing to invest in Wavve's previously announced private placement for its subsidiary, Wavve Europe Limited. Bolivar continues to hold 10,175,000 shares of Wavve, representing approximately 15% of Wavve's issued and outstanding capital.
As previously announced, Bolivar is continuing to seek a purchaser for its Tomi mine in Venezuela. To date, many expressions of interest have been received by Bolivar and these potential suitors are completing their due diligence investigations of the mine. Bolivar is confident that it will have something further to announce with regard to the sale of the Tomi mine in the short to medium term. TEL: (416) 955-4554
Bolivar Goldfields Ltd. FAX: (416) 955-1206
Serafino Iacono, Executive Director
Peter Volk, Corporate Secretary
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