Stope Bay NewsOtish financing incomplete, gives up Stope Baby option
2004-08-05 14:35 ET - News Release
Mr. Glen Mcdonald reports
Otish Mountain Exploration Inc.'s proposed private placement, as reported in Stockwatch on March 17, 2004, has not been completed. In substitution, therefore, the company is seeking to complete a private placement of up to five million units at six cents per unit. Each unit shall comprise one share and one warrant. Each warrant will allow the acquisition of one common share upon payment of 10 cents in the first year and 12 cents in the second year. In accordance with TSX rules, finders' fees of up to 10 per cent of the proceeds may be paid in either cash or units having the same terms. Proceeds of the placement shall be used to retire outstanding liabilities, pay the costs of this private placement and finance general working capital.
The company reports that it has relinquished its option on the Stope Baby property. The company reports that two million outstanding warrants, exercisable at 10 cents per share, issued as part of a private placement on June 2, 2003, have expired unexercised.