Post by
thedave on Nov 19, 2002 7:18pm
financing today
Cumberland Resources Ltd - News Release
Cumberland to raise up to $6.5-million
Cumberland Resources Ltd CBD
Shares issued 30,054,369 Nov 18 2002 close $ 2.15
Tuesday November 19 2002 News Release
Mr. Kerry Curtis reports
$6.5 MILLION FINANCING ARRANGED
Cumberland Resources, subject to regulatory approval, has arranged a brokered private placement with Dundee Securities Corporation and Canaccord Capital Corporation of up to 2.5 million flow-through common shares at a price of $2.60 per flow-through common share for total gross proceeds of up to $6.5-million.
The agents will receive a 6.0-per-cent cash commission on the gross proceeds raised under the offering, together with broker warrants entitling the agents to purchase such number of common shares of the company equal to 8 per cent of the number of flow-through common shares sold under the offering at a price of $2.60 per common share. The broker's warrants will expire 12 months from the closing of the offering, expected to be on or about Dec. 3, 2002.
The net proceeds from the offering will be used primarily for further exploration on the company's Meadowbank gold project and other eligible Canadian resource properties.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
(c) Copyright 2002 Canjex Publishing Ltd. https://www.stockwatch.com
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