RE: President bought 4 mil shares in MarchHi Gandt35
Those share were not purchased by the president rather George Milton who is not related to the company but strongly believes in what the company is doing. below is a clip of the news release mentioning this. Continue to hold this company, you will not be disappointed.
brax21
CALGARY, ALBERTA, Mar 24, 2006 (CCNMatthews via COMTEX) --
New Millennium Capital Corp. (TSX VENTURE:NML) ("NML") is pleased to announce that it has closed a non-brokered private placement (the "Financing"), for gross proceeds of $3,000,000. The Corporation issued 4,000,000 common share units (the "Units") at a price of $0.75 per Unit. Each Unit consists of one common share in the share capital of the Corporation (a "Common Share") and one-half of one common share purchase warrant of the Corporation (a "Warrant"). Each whole Warrant will entitle the holder to purchase one additional Common Share at a price of $1.25 per share for a period of two years from the closing of the Financing (the "Warrant Term"). If, during the Warrant Term, the closing price of the Common Shares on the TSX Venture Exchange is at least $1.75 for a minimum of 10 consecutive trading days (whether or not trading occurs on such days), the Corporation may, in its sole discretion, within 30 days, provide written notice to the holder that the exercise period has been reduced to 30 days following delivery of such notice. The securities issued are subject to a statutory resale restriction period of four months, which expires on July 25, 2006.
The proceeds of the private placement will be used to fund the Corporation's 2006 environmental base line studies on the LabMag Iron Ore Project and for general working capital purposes. The completion of the Financing is subject to regulatory approval.
Prior to the Financing, George Milton of Feorus West, County Kerry, Ireland beneficially owned or exercised control over an aggregate of 3,860,000 Common Shares of the Corporation which is approximately 6.5% of the issued and outstanding Common Shares of the Corporation. Following completion of the Financing, George Milton beneficially owns or exercises control over 6,526,667 Common Shares or approximately 10.3% of the issued and outstanding Common Shares of the Corporation. In addition, Mr. Milton currently holds purchase warrants exercisable into 1,000,000 Common Shares at a price of $0.75 per share and will acquire under the Financing additional Warrants exercisable into 1,333,333 Common Shares. Assuming exercise of these convertible securities, Mr. Milton would hold 7,860,000 Common Shares, comprising approximately 12.0% of the total issued and outstanding Common Shares. Mr. Milton does not have any current intention of acquiring any additional securities of the Corporation.