Newfields Minerals of Vancouver has arranged a private placement with S.I.C. Properties whereby Newfields will issue 2.5 million common shares to S.I.C. at $3 per share. A finder’s fee of $405,000 is payable to Glynbourne Ltd.
Newfields will receive net proceeds of $7,052,000. Under the agreement, the shares are non- negotiable securities for a 12-month period. Voting control will remain with present management.
The company will use the proceeds to acquire gold-mining projects, gold-mining securities and gold bullion, as well as for operating capital. The agreement is subject to shareholder and regulatory authority approval.
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