Owner
Post by Franko10 ™ on Sept 16, 2004 7:33:25 GMT -5
Thu Jan 29, 2004
Non-Brokered Private Placement
--------------------------------------------------------------------------------
MINING VETERAN MR.CHESTER MILLAR JOINS MORGAIN MINERALS INC.
TORONTO, ONTARIO - Morgain Minerals Inc. (the "Company" TSX Venture: MGM) is pleased to announce that it has agreed to a non brokered private placement to issue 2,300,000 units at a price of $0.30 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 $0.35 per share. Under the terms of the private placement, the agent, for its assistance in the private placement, will be entitled to a fee of 10% payable in units on the same above terms as the private placement.
The private placement is with a number of investors of which Mr Chester Millar will be the principal investor. Mr Millar has also been appointed a Director of the company and has been granted a stock option of 200,000 common shares at a price of 0.30 per share for a period of 5 years. Mr Chris Berlet, a financial consultant, has also been granted a stock option of 200,000 common shares for a period of 5 years, both options being subject to regulatory approval.
Chester F. Millar is a Professional Engineer who served in the position of Chairman, President and Director of Alamos Gold Inc., since the date of formation of the Company. Mr Millar is a pioneer of bulk heap leaching gold production and the concept of large-scale bulk mining of low-grade deposits in the Western United States. Under his guidance, Afton Mines (1968-1973), Glamis Gold Ltd. ("Glamis") and Eldorado Gold Corporation ("Eldorado") grew from small producing operations to substantial mining companies. Mr Millar served as Chairman of Glamis from 1985 to 1998 and Chairman of Eldorado between 1992 and 1994.
Mr Millar will be directing the company in the development of its El Cairo open pit heap leach oxide gold property located in Durango, Mexico to the production stage.
The proceeds of the proposed private placement will finance the completion of a bankable feasibility study on Morgain's 100% owned open pit heap leach El Cairo gold deposit located 75 km from the city of Durango, in the State of Durango, Mexico and for general working capital. The proposed private placement is subject to regulatory approval.
This private placement replaces the private placement of 1,000,000 units at a price of 0.30 per unit announced in January 12, 2004
The information contained herein was authorized for media release by The Board of Directors. No regulatory authority has approved or disapproved the information contained in this news release.
Non-Brokered Private Placement
--------------------------------------------------------------------------------
MINING VETERAN MR.CHESTER MILLAR JOINS MORGAIN MINERALS INC.
TORONTO, ONTARIO - Morgain Minerals Inc. (the "Company" TSX Venture: MGM) is pleased to announce that it has agreed to a non brokered private placement to issue 2,300,000 units at a price of $0.30 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 $0.35 per share. Under the terms of the private placement, the agent, for its assistance in the private placement, will be entitled to a fee of 10% payable in units on the same above terms as the private placement.
The private placement is with a number of investors of which Mr Chester Millar will be the principal investor. Mr Millar has also been appointed a Director of the company and has been granted a stock option of 200,000 common shares at a price of 0.30 per share for a period of 5 years. Mr Chris Berlet, a financial consultant, has also been granted a stock option of 200,000 common shares for a period of 5 years, both options being subject to regulatory approval.
Chester F. Millar is a Professional Engineer who served in the position of Chairman, President and Director of Alamos Gold Inc., since the date of formation of the Company. Mr Millar is a pioneer of bulk heap leaching gold production and the concept of large-scale bulk mining of low-grade deposits in the Western United States. Under his guidance, Afton Mines (1968-1973), Glamis Gold Ltd. ("Glamis") and Eldorado Gold Corporation ("Eldorado") grew from small producing operations to substantial mining companies. Mr Millar served as Chairman of Glamis from 1985 to 1998 and Chairman of Eldorado between 1992 and 1994.
Mr Millar will be directing the company in the development of its El Cairo open pit heap leach oxide gold property located in Durango, Mexico to the production stage.
The proceeds of the proposed private placement will finance the completion of a bankable feasibility study on Morgain's 100% owned open pit heap leach El Cairo gold deposit located 75 km from the city of Durango, in the State of Durango, Mexico and for general working capital. The proposed private placement is subject to regulatory approval.
This private placement replaces the private placement of 1,000,000 units at a price of 0.30 per unit announced in January 12, 2004
The information contained herein was authorized for media release by The Board of Directors. No regulatory authority has approved or disapproved the information contained in this news release.
