Post by Franko10 ™ on Sept 20, 2004 11:31:12 GMT -5
February 20, 2004
SHORE GOLD INC. COMPLETES CLOSING OF $11,000,000 EQUITY FINANCING
Kenneth E. MacNeill, President and C.E.O. of Shore Gold Inc. ("Shore"), is pleased to announce the completion of its brokered private placement of an aggregate of 6,470,589 units of Shore at a price of $1.70 per unit for
gross proceeds to Shore of $11,000,000 (including the Option described below) to subscribers resident in Canada, the United States and overseas. Each unit consists of one common share and one-half of one common share purchase warrant (a "Unit"). Each whole warrant is exercisable into one common share for a period of 12 months from the closing date upon payment by the holder of $2.10 per common share. The Units were offered for sale to accredited investors on a best efforts basis (the "Offering") by Loewen, Ondaatje, McCutcheon Limited acting as agent (the "Agent"). The original offering described in the press release dated February 13, 2004 was increased to include a further $1,000,000 of Units (the "Option"). Shore paid a commission to the Agent equal to 7% of the gross proceeds of the Offering and issued 452,942 warrants ("Agent's Warrants") equal to 7% of the number of Units sold by the Agent pursuant to the Offering, including the Option. Each Agent's Warrant entitles the holder to acquire one Unit at an exercise price of $1.70 for a period of 12 months following the closing date. All of the securities will be subject to a 4-month hold period in Canada in accordance with applicable securities laws.
As previously disclosed, a director of Shore subscribed for Units under the offering on terms identical to other subscribers. Proceeds of the Offering will be used for the exploration of the Star Diamond project and for general working capital purposes.
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Shore is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Shore trade on the TSX Venture Exchange under the trading symbol “SGF”.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction. The shares and warrants have not been nor will be registered under the United States Securities Act of 1933, and they may not be offered or sold in the United States absent registration or an exemption from registration.
For further information please contact:
Kenneth E. MacNeill, President and C.E.O. or George Sanders, Vice President Corporate Development at (306) 664-2202.
SHORE GOLD INC. COMPLETES CLOSING OF $11,000,000 EQUITY FINANCING
Kenneth E. MacNeill, President and C.E.O. of Shore Gold Inc. ("Shore"), is pleased to announce the completion of its brokered private placement of an aggregate of 6,470,589 units of Shore at a price of $1.70 per unit for
gross proceeds to Shore of $11,000,000 (including the Option described below) to subscribers resident in Canada, the United States and overseas. Each unit consists of one common share and one-half of one common share purchase warrant (a "Unit"). Each whole warrant is exercisable into one common share for a period of 12 months from the closing date upon payment by the holder of $2.10 per common share. The Units were offered for sale to accredited investors on a best efforts basis (the "Offering") by Loewen, Ondaatje, McCutcheon Limited acting as agent (the "Agent"). The original offering described in the press release dated February 13, 2004 was increased to include a further $1,000,000 of Units (the "Option"). Shore paid a commission to the Agent equal to 7% of the gross proceeds of the Offering and issued 452,942 warrants ("Agent's Warrants") equal to 7% of the number of Units sold by the Agent pursuant to the Offering, including the Option. Each Agent's Warrant entitles the holder to acquire one Unit at an exercise price of $1.70 for a period of 12 months following the closing date. All of the securities will be subject to a 4-month hold period in Canada in accordance with applicable securities laws.
As previously disclosed, a director of Shore subscribed for Units under the offering on terms identical to other subscribers. Proceeds of the Offering will be used for the exploration of the Star Diamond project and for general working capital purposes.
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Shore is a Canadian-based corporation engaged in the acquisition, exploration and development of mineral properties. Shares of Shore trade on the TSX Venture Exchange under the trading symbol “SGF”.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction. The shares and warrants have not been nor will be registered under the United States Securities Act of 1933, and they may not be offered or sold in the United States absent registration or an exemption from registration.
For further information please contact:
Kenneth E. MacNeill, President and C.E.O. or George Sanders, Vice President Corporate Development at (306) 664-2202.