Business Services Industry
Norcal Resources $2.8 Million Special Warrant Financing with Yorkton Securities
Business Wire, March 4, 1997
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 4, 1997-- Norcal Resources Ltd(VSE NLR.) Mr. D. Bruce McLeod, Vice President of Norcal Resources Ltd. (VSE:NLR) is pleased to announce that the Company has reached agreement with Yorkton Securities Inc. for a Special Warrant financing to raise $2.8 million.
Yorkton Securities Inc., pursuant to a private placement prospectus exemption, will place 3.5 million units at a price of $0.80 per unit. Each unit will consist of one common share and one-half of one common share purchase warrant. Two warrants will entitle the holder to purchase one additional common share at a price of $1.25 per share within one year from the closing date. A greenshoe over-allottment option of up to an additional 500,000 Special Warrants will be available to the Agent.
Yorkton Securities Inc. will be entitled to a commission of 7.5 percent of the gross proceeds payable in cash and agent's warrants to purchase 350,000 common shares at a price of $1.25 per share within one year from the closing date. The Company will use its best efforts to file an Exchange Offering Prospectus as soon as practicable after the Closing Date to qualify the issue. In the event that the Company does not obtain receipts for the final prospectus within 120 days from the Closing Date, the purchasers will be entitled to receive an additional 10 percent in units as a penalty. The net proceeds from this financing will be used for the Company's recently announced NORGIANT Project in northwestern Quebec and for general working capital purposes. This transaction is subject to regulatory and board approval.
NORCAL RESOURCES LTD.
D. Bruce McLeod, Vice President
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
CONTACT: Norcal Resources Ltd.
James D. Romano, 604/ 687-7545
Toll free 1-888-338-2200
Internet: http://www.info-mine.com/norcal/
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