Owner
Post by Franko10 ™ on Sept 16, 2004 7:28:55 GMT -5
Tue Jun 24, 2003
Non-Brokered Private Placement Planned to Raise $885,600
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Morgain Minerals Inc. (the 'Company') is pleased to announce that it has agreed to a non brokered private placement to issue 7,380,000 units at a price of $0.12 per unit. Each unit ('Unit') consists of one common share in the capital of the Company (a 'Common Share') and one share purchase warrant (a 'Warrant'). Each Warrant is exercisable into one Common Share for a period of two years at an exercise price of $0.17 per share during the first year and $0.22 per share during the second year. Under the terms of the private placement, Haywood Securities Inc. ('Haywood') for it's assistance in the private placement will be entitled to a fee of 7% payable in cash or units. Haywood will also be entitled to a Brokers Warrant of 10% of the units sold as a commission.
Each Brokers Warrant is exercisable into one Common Share for a period of two years at an exercise price of $0.17 per share during the first year and $0.22 per share during the second year.
The proceeds of the proposed private placement will be used for the completion of a feasibility study (principally metallurgical work) on the open-pit heap leach El Cairo gold deposit located 75 kms from the city of Durango, State of Durango, Mexico. A.C.A. Howe International Limited, an independent geological and mining engineering firm in Toronto, has competed a revised pre-feasibility report in January, 2003 which identifies favourable economics in the establishment of a 1.0 million tonne annual production processing plant treating higher-grade gold ores. The funds will also be used for general working capital. The proposed private placement is subject to regulatory approval.
Non-Brokered Private Placement Planned to Raise $885,600
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Morgain Minerals Inc. (the 'Company') is pleased to announce that it has agreed to a non brokered private placement to issue 7,380,000 units at a price of $0.12 per unit. Each unit ('Unit') consists of one common share in the capital of the Company (a 'Common Share') and one share purchase warrant (a 'Warrant'). Each Warrant is exercisable into one Common Share for a period of two years at an exercise price of $0.17 per share during the first year and $0.22 per share during the second year. Under the terms of the private placement, Haywood Securities Inc. ('Haywood') for it's assistance in the private placement will be entitled to a fee of 7% payable in cash or units. Haywood will also be entitled to a Brokers Warrant of 10% of the units sold as a commission.
Each Brokers Warrant is exercisable into one Common Share for a period of two years at an exercise price of $0.17 per share during the first year and $0.22 per share during the second year.
The proceeds of the proposed private placement will be used for the completion of a feasibility study (principally metallurgical work) on the open-pit heap leach El Cairo gold deposit located 75 kms from the city of Durango, State of Durango, Mexico. A.C.A. Howe International Limited, an independent geological and mining engineering firm in Toronto, has competed a revised pre-feasibility report in January, 2003 which identifies favourable economics in the establishment of a 1.0 million tonne annual production processing plant treating higher-grade gold ores. The funds will also be used for general working capital. The proposed private placement is subject to regulatory approval.
