News In Brief Newfield cancels private placement

A private placement recently announced by Newfield Minerals (TSE) (T.N.M., June 4/90) was not accepted by The Toronto Stock Exchange and, therefore, will not proceed. The proposed placement included five million shares at 32 cents per share and five million warrants exercisable at 4 cents per share. Instead of the placement, Newfield will proceed with a rights offering. Four rights will entitle the holder to subscribe for one additional share of the company at 4 cents per share, or, alternatively, at a 20% discount to the company’s share price. The rights offering is subject to regulatory approval.