Beaufield Resources Inc. BFDRF

RE: New financing

[causa]

Beaufield Consolidated Resources Inc - News Release Beaufield files plans for $250,000 financing Beaufield Consolidated Resources Inc BFD Shares issued 22,930,311 Oct 16 2002 close $ 0.20 Thursday October 17 2002 News Release Mr. Jens Hansen reports BEAUFIELD ARRANGES "FLOW-THROUGH" PRIVATE PLACEMENT Beaufield Consolidated Resources has arranged, subject to the acceptance of the TSX Venture Exchange, a brokered private placement with Dundee Securities Corporation to offer for sale, on a best-efforts basis, up to 1.25 million flow-through common shares in the capital of the company at a price of 20 cents per share for total proceeds of $250,000. In consideration for arranging the private placement, the agent will be paid a cash fee of 5 per cent of the proceeds raised by the company. The fee will be paid out of the company's general working capital. The agent will also be entitled to receive a broker's warrant to purchase that number of common shares equal to 10 per cent of total number of flow-through shares sold under the private placement at an exercise price of 20 cents per share for a period of 24 months after the closing date. The proceeds from the private placement will be used to finance exploration of the company's mineral interests in the Hemlo gold region of Ontario and Quebec, base metal and gold properties in the Abitibi region, or other projects approved by the agent which qualify as Canadian exploration expenses and can be renounced by the company to the investors under the Income Tax Act (Canada). The anticipated closing date of the private placement is Oct. 21, 2002. (c) Copyright 2002 Canjex Publishing Ltd. https://www.stockwatch.com old url (better for printing)