Post by Franko10 ™ on Sept 16, 2004 7:34:18 GMT -5
Tue Feb 10, 2004
Non-Brokered Private Placement
--------------------------------------------------------------------------------
Morgain Minerals Inc (MGM:TSX Venture) Issued & Outstanding 39,230,289
TORONTO, ONTARIO -- Morgain Minerals Inc. (the "Company") is pleased to announce that the non-brokered private placement to issue 2,300,000 units at a price of $0.30 per unit, previously announced on January 29, 2004 is to be expanded to 2,500,000 units. 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, Chris Berlet for his assistance in the private placement, will be entitled to a fee of 10% payable in cash, rather than in units as reported.
The Company is a "Qualifying Issuer", as that term is defined in Multilateral Instrument 45-102, and accordingly, any Common Shares issued pursuant to this private placement as part of a Unit or acquired on exercise of a Warrant are subject to restrictions on resale until June 7, 2004 in British Columbia, Alberta and Ontario
Subject to regulatory approval the Company has granted incentive stock options to a financial consultant of the Company to purchase 50,000 common shares of the Company at a price of $0.30 per share for a period of five years expiring February 3, 2009.
For Further Information contact:
J. R. (Rod) Doran, President & CEO or Raymond J. Mongeau, Chairman, Morgain Minerals Inc., Telephone: (416) 364-5756, Fax: (416) 364-2595,
Email rdoran@morgainminerals.com, or rmongeau@morgainminerals.com,
Website: www.morgainminerals.com
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
--------------------------------------------------------------------------------
Morgain Minerals Inc (MGM:TSX Venture) Issued & Outstanding 39,230,289
TORONTO, ONTARIO -- Morgain Minerals Inc. (the "Company") is pleased to announce that the non-brokered private placement to issue 2,300,000 units at a price of $0.30 per unit, previously announced on January 29, 2004 is to be expanded to 2,500,000 units. 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, Chris Berlet for his assistance in the private placement, will be entitled to a fee of 10% payable in cash, rather than in units as reported.
The Company is a "Qualifying Issuer", as that term is defined in Multilateral Instrument 45-102, and accordingly, any Common Shares issued pursuant to this private placement as part of a Unit or acquired on exercise of a Warrant are subject to restrictions on resale until June 7, 2004 in British Columbia, Alberta and Ontario
Subject to regulatory approval the Company has granted incentive stock options to a financial consultant of the Company to purchase 50,000 common shares of the Company at a price of $0.30 per share for a period of five years expiring February 3, 2009.
For Further Information contact:
J. R. (Rod) Doran, President & CEO or Raymond J. Mongeau, Chairman, Morgain Minerals Inc., Telephone: (416) 364-5756, Fax: (416) 364-2595,
Email rdoran@morgainminerals.com, or rmongeau@morgainminerals.com,
Website: www.morgainminerals.com
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.