|
MacDonald $10,000,000 Brokered Financing-James Bay Exploration Program on Track for November Drill Program 10:49 EDT Friday, October 26, 2007 TORONTO, ONTARIO--(Marketwire - Oct. 26, 2007) - MacDonald Mines Exploration Ltd. (the "Company")(TSX VENTURE:BMK) proposes to complete a brokered private placement, with IBK Capital Corp. ("IBK") acting as agent, for gross proceeds of $10,000,000, such offering to be completed through the sale of 25,000,000 units of the Company (the "Offering"). A total of 15,625,000 units of the Company will be sold on a "hard dollar" basis (the "Hard Units") at a price of $0.40 per Hard Unit for gross proceeds of $6,250,000. A further 9,375,000 units of the Company will be sold on a flow-through basis (the "FT Units") at price of $0.40 per FT Unit for gross proceeds of $3,750,000. Each Hard Unit will consist of one common share and one common share purchase warrant (the "Hard Warrants"). Each FT Unit will consist of one flow-through common share and one-half of one non flow-through common share purchase warrant (each whole warrant an "FT Warrant" and collectively, with the Hard Warrants, the "Warrants"). Each Warrant will entitle the holder thereof to acquire one common share at a price of $0.50 for a period of 24 months from the date of issuance. In conjunction with this financing, and as compensation for services rendered, IBK will receive the following compensation: (i) a cash fee equal to 4.5% of gross proceeds from the sale of the FT Units, (ii) a cash fee equal to 9% of gross proceeds from the sale of the Hard Units, (iii) that number of common shares which is equal to 4.5% of the FT Units sold, and (iv) broker warrants to purchase that number of common shares of the Company which is equal to 10% of the aggregate number of Hard Units and FT Units sold under the Offering. Each such broker warrant will entitle IBK to acquire one common share of the Company at a price of $0.40 for a period of 24 months from date of issuance. All securities issued in conjunction with the Offering are subject to a four-month hold period from the date of issuance and the financing is subject to receipt by the Company of all necessary regulatory approvals. The Company's issued and outstanding share position as of October 22, 2007 was 111,261,025. The Company is very pleased to announce that Sheldon Inwentash - Chairman & CEO, Pinetree Capital Ltd., Robert McEwen - Chairman & CEO, US Gold Corporation, Pierre Lassonde - Chairman, Franco-Nevada Corporation, and Randall Oliphant - Chairman, Western Gold Fields Inc. have agreed to purchase a substantial portion of the Units available in this Offering. EXPLORATION PROGRAM DIAMOND DRILL PROGRAM A diamond drill program has been scheduled to commence on November 1, 2007. The planned exploration program consists of 10-15 holes totalling 2,000 metres. Cartwright Drilling has been contracted to carry out the required drilling and the drill is already situated on the McNugget Property. Cartwright Drilling has conducted all the previous drilling for the Company in the James Bay Lowlands. Bill Nielsen, P. Geo., will oversee the overall exploration program on behalf of the Company and its joint venture partners: Baltic Resources Inc. (TSX VENTURE:BLR) and Temex Resources Corp. (TSX VENTURE:TME). Field exploration will be managed by Randy Salo, P. Geo. in consultation with Bruce Durham, P. Geo. of Temex Resources Corp. and Hadyn Butler, P. Geo., a director of the Company. EXTENSIVE AIRBORNE SURVEY The Company (as the operator of the Temex/MacDonald and Baltic/Temex/MacDonald joint venture projects) is coordinating an extensive airborne geophysical survey. The 9,000 line kilometre HeliGEOTEM time-domain electromagnetic airborne survey contracted to Fugro Airborne Surveys is now underway over the newly acquired properties and will be flown at 100 metre line spacing. GROUND SURVEYS Line cutting of control grids is also underway and ground geophysical surveys including Max-Min, EM and magnetics will follow immediately to confirm the location and quality of airborne targets. The ground survey work has been contracted to Exsics Exploration (Timmins) and helicopter support will be provided by Expedition Helicopters (Cochrane). ADMINISTRATION We are pleased to announce that Julie Lassonde-Gray has agreed to join MacDonald Mines as a Director. Julie holds a Civil Engineering degree from Queens University and brings years of experience in the Mining Industry to the Board. Julie also holds the position of VP Corporate Development for Southampton Ventures Inc. We look forward to having her join our team and contributing to the success of the Company. The Board of Directors of the Company granted 4,050,000 stock options on October 26, 2007 to directors, officers and consultants of the Company under the terms of the incentive stock option plan of the Company filed with the TSX Venture Exchange and approved by shareholders at the last annual general meeting of shareholders of the Company held on June 12, 2007. The options are exercisable at a price of $0.86 per share for a period of four years and are subject to a four month hold period from the date of the issuance thereof. WARNING: The statements made in this news release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from expectations and projections set out herein. FOR FURTHER INFORMATION PLEASE CONTACT: MacDonald Mines Exploration Ltd. J. A. Kirk McKinnon President and Chief Executive Officer (416) 364-4986 or MacDonald Mines Exploration Ltd. Richard Schler Vice President & Chief Financial Officer (416) 364-4986 (416) 364-2753 (FAX) Email: info@MacDonaldMines.com Website: www.MacDonaldMines.com The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release. Find Out More Macdonald Mines Exp. -------------------------------------------------------------------------------- Legend: Price History Chart Company Snapshot Related News -------------------------------------------------------------------------------- © 2007 CTVglobemedia Inc. |
|
| aus der Diskussion: | FAKTENTHREAD: JAMES BAY LOWLANDS (firmenunabhängige Übersicht) |
| Autor (Datum des Eintrages): | pintador (26.10.07 17:46:54) |
| Beitrag: | 28 von 243 (ID:32166076) |
| Alle Angaben ohne Gewähr © wallstreetONLINE | |