Owner
Post by Franko10 ™ on Sept 20, 2004 13:31:57 GMT -5
Fri Nov 7, 2003
Financing and Restructuring
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Vancouver, B.C. - War Eagle Mining Company Inc. (TSX Venture Exchange - WEM) Terence Schorn, is pleased to announce that the Board of Directors have approved a one for six consolidation of the Company's common shares.
The Company has reached agreement with an arm's length company whereby the private company has agreed to fund $40,000 in currently outstanding commitments on the Tres Marias property and settle a further $150,000 that it has advanced to the Company, in exchange for 3,800,000 pre-consolidation common shares and a net smelter royalty on the Tres Marias property.
The Company has also agreed to a private placement of up to 2,000,000 units at a price of $0.05 per unit, pre-consolidation, for total proceeds of $100,000. Each unit is to consist of one common share and one non-transferable share purchase warrant. Each warrant will entitle its holder to purchase an additional common share at price of $0.05 per share, pre-consolidation, for one year. The proceeds of the placement are to be used for general and administrative purposes.
The Company has also agreed to settle up to $350,000 of debt by the issuance of 7,000,000 shares at a deemed price of $0.05 per share pre-consolidation.
Finally, the Company is pleased to announce, subject to the completion of the one for six-share consolidation, it will proceed with a private placement of up to 3,000,000 post-consolidated units at a price of $0.30 per unit for a total proceeds of $900,000. Each unit is to consist of one common share and one non-transferable warrant exercisable for a period of two years. For each two warrants the holder shall have the right to purchase an additional common share at $0.40 per share for the first year and thereafter at $0.50 per share. The proceeds from the private placement will be used to fund the Company's Tres Marias property and for general working capital purposes.
All of the foregoing transactions are subject to regulatory approval.
For further information, please contact Terence Schorn, President, at 604-606-7971, or Bob Faris, Vice President, Corporate Development, at 1-800-877-1626 or 604-606-7973.
Terry Schorn, President
WAR EAGLE MINING COMPANY INC.
Financing and Restructuring
--------------------------------------------------------------------------------
Vancouver, B.C. - War Eagle Mining Company Inc. (TSX Venture Exchange - WEM) Terence Schorn, is pleased to announce that the Board of Directors have approved a one for six consolidation of the Company's common shares.
The Company has reached agreement with an arm's length company whereby the private company has agreed to fund $40,000 in currently outstanding commitments on the Tres Marias property and settle a further $150,000 that it has advanced to the Company, in exchange for 3,800,000 pre-consolidation common shares and a net smelter royalty on the Tres Marias property.
The Company has also agreed to a private placement of up to 2,000,000 units at a price of $0.05 per unit, pre-consolidation, for total proceeds of $100,000. Each unit is to consist of one common share and one non-transferable share purchase warrant. Each warrant will entitle its holder to purchase an additional common share at price of $0.05 per share, pre-consolidation, for one year. The proceeds of the placement are to be used for general and administrative purposes.
The Company has also agreed to settle up to $350,000 of debt by the issuance of 7,000,000 shares at a deemed price of $0.05 per share pre-consolidation.
Finally, the Company is pleased to announce, subject to the completion of the one for six-share consolidation, it will proceed with a private placement of up to 3,000,000 post-consolidated units at a price of $0.30 per unit for a total proceeds of $900,000. Each unit is to consist of one common share and one non-transferable warrant exercisable for a period of two years. For each two warrants the holder shall have the right to purchase an additional common share at $0.40 per share for the first year and thereafter at $0.50 per share. The proceeds from the private placement will be used to fund the Company's Tres Marias property and for general working capital purposes.
All of the foregoing transactions are subject to regulatory approval.
For further information, please contact Terence Schorn, President, at 604-606-7971, or Bob Faris, Vice President, Corporate Development, at 1-800-877-1626 or 604-606-7973.
Terry Schorn, President
WAR EAGLE MINING COMPANY INC.
