U.S. REPORT — Southern Copper completes share issue

A private placement of 2.5 million units at 40 cents each has been completed by Southern Copper (VSE).

Each unit consists of one common share and one share purchase warrant redeemable for a Southern Copper share at

40 cents each by May 10, 1994, or 46 cents per share if exercised by May 9, 1995.

In connection with the placement of 1.5 million units, the company has paid a finder’s fee of 150,000 warrants to Georgia Pacific Securities, with each warrant redeemable into a common share at 40 cents each prior to May 9, 1994. However, should the price of the shares exceed 80 cents for a period of 10 trading days, then the warrants will expire within 20 days.

Included in the placement was the purchase of 750,000 units by Southern Copper President Adolf Lundin, who now owns 15.3 million shares (or 62% of the issued capital).

Southern Copper operates the Oracle Ridge copper mine near .LTucson, Ariz., which last year produced about 236,000 tons grading 2.1% copper.