Post by Franko10 ™ on Sept 20, 2004 13:32:33 GMT -5
Tue Dec 30, 2003
Settlement of Outstanding Debt
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Vancouver, B.C. - War Eagle Mining Company Inc. (TSX Venture Exchange - WEM) War Eagle Mining Company Inc. (the "Company") is pleased to announce that it has received TSX Venture Exchange approval of the settlement of a total of $540,000 in outstanding debt through the issuance of 10,800,000 common shares. Which will bear a four month hold period.
The Company has also received TSX approval of a $100,000 private placement. The private placement consisted of the issuance of 2,000,000 units at a price of $0.05 per unit. Each unit consists of one flow-thru common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share of the Company at a price of $0.10 per share until December 29,2004. The Flow-thru common shares comprising the units bear a four month hold period.
The Company has also received TSX approval for a consolidation of its share capital on a 6 to 1 basis. Effective December 31, 2003, every six old shares of the Company will be consolidated into one common share of the Company. The Company will not be changing its name, however, a new stock symbol has been granted. As of the opening of business on December 31, 2003, the common shares of the Company will be trading under the symbol "WAR".
As previously announced in our news release of November 7, 2003, the Company is proceeding with a post-consolidated private placement of up to 3,000,000 units at a price of $0.30 per unit, for total proceeds to the Company of $900,000. Each unit will consist of one common share and one non-transferable share purchase warrant. For every three share purchase warrants held, the holder will be entitled to purchase two additional common shares of the Company. Each share purchase warrant is exercisable for a period of two years at a price of $0.40 per share in the first year and at a price of $0.50 per share in the second year. The proceeds of the private placement will be used towards work programs on the Tres Marias Property and for general working capital. The private placement is subject to TSX Venture Exchange approval.
For further information contact: Bob Faris, Vice President, Corporate Development
at 1-800-877-1626 or 604-606-7973.
"Terence F. Schorn, P. Geo"
President
War Eagle Mining Company Inc
Settlement of Outstanding Debt
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Vancouver, B.C. - War Eagle Mining Company Inc. (TSX Venture Exchange - WEM) War Eagle Mining Company Inc. (the "Company") is pleased to announce that it has received TSX Venture Exchange approval of the settlement of a total of $540,000 in outstanding debt through the issuance of 10,800,000 common shares. Which will bear a four month hold period.
The Company has also received TSX approval of a $100,000 private placement. The private placement consisted of the issuance of 2,000,000 units at a price of $0.05 per unit. Each unit consists of one flow-thru common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share of the Company at a price of $0.10 per share until December 29,2004. The Flow-thru common shares comprising the units bear a four month hold period.
The Company has also received TSX approval for a consolidation of its share capital on a 6 to 1 basis. Effective December 31, 2003, every six old shares of the Company will be consolidated into one common share of the Company. The Company will not be changing its name, however, a new stock symbol has been granted. As of the opening of business on December 31, 2003, the common shares of the Company will be trading under the symbol "WAR".
As previously announced in our news release of November 7, 2003, the Company is proceeding with a post-consolidated private placement of up to 3,000,000 units at a price of $0.30 per unit, for total proceeds to the Company of $900,000. Each unit will consist of one common share and one non-transferable share purchase warrant. For every three share purchase warrants held, the holder will be entitled to purchase two additional common shares of the Company. Each share purchase warrant is exercisable for a period of two years at a price of $0.40 per share in the first year and at a price of $0.50 per share in the second year. The proceeds of the private placement will be used towards work programs on the Tres Marias Property and for general working capital. The private placement is subject to TSX Venture Exchange approval.
For further information contact: Bob Faris, Vice President, Corporate Development
at 1-800-877-1626 or 604-606-7973.
"Terence F. Schorn, P. Geo"
President
War Eagle Mining Company Inc