New Shoshoni arranges new private placement oNew Shoshoni arranges new private placement offering
New Shoshoni Ventures Ltd NSV
Shares issued 5,385,308 Apr 16 2002 close $.500
Tuesday Apr 16 2002 News Release
Mr. George Erskine reports
Further to a news in Stockwatch dated Jan. 31, 2002, and subsequent dated Feb. 8, 2002, wherein New Shoshoni Ventures had agreed to a private placement of 1.2 million units priced at 35 cents, the offering has been withdrawn and the company will instead undertake a private placement of 1.2 million units priced at 38 cents.
Of the units to be issued, 900,000 units will consist of one flow-through common share plus one share purchase warrant entitling the holder to purchase one additional (non-flow-through) common share at 50 cents for a period of one year. The remaining 300,000 units to be issued will consist of one non-flow-through common share plus one share purchase warrant entitling the holder to purchase one additional share at 50 cents for a period of one year.
Canaccord Capital Corporation will act as agent on the financing. The agent will receive a cash commission equal to 10 per cent of the gross proceeds raised. In addition, the agent will be granted agent's warrants, entitling the agent to purchase shares from treasury equal to 25 per cent of the number of special warrants sold. Each agent's warrant will entitle the agent to purchase one share from treasury at 50 cents per share for a period of one year.
Funds raised pursuant to the flow-through portion of this private placement will be used for exploration of the Drybones Bay kimberlite property. The non-flow-through portion of the private placement will be used to cover costs associated with this private placement and for working capital. This private placement is subject to approval by the Canadian Venture Exchange.
(c) Copyright 2002 Canjex Publishing Ltd. https://www.canada-stockwatch.com
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