Bell Coast revises $1.28-million private placement
2003-12-02 12:48 ET - News Release
Mr. Rahoul Sharan reports
BROKERED PRIVATE PLACEMENT FINANCING
Bell Coast Capital has renegotiated the brokered private placement with Canaccord Capital Corporation originally announced in Stockwatch Nov. 5, 2003. The agent will now offer on a commercially reasonable, best efforts basis up to four million units at a price of 32 cents per unit for gross proceeds of $1.28-million.
Each unit will consist of one share and one whole share purchase warrant exercisable at a price of 50 cents for two years following closing of the private placement. The agent has an option, exercisable at any time up to closing, to increase the size of the offering by 20 per cent.
The agent will receive a commission equal to 8.0 per cent of the gross proceeds realized from the offering and broker warrants in a number equal to 15 per cent of the total units sold. In addition, a corporate finance fee consisting of units is payable to the agent. The agent's warrants are exercisable into one common share of the company at a price of 50 cents per share for a period of two years.
The net proceeds of the offering will be used by the company for the primary purpose of undertaking further exploration on the company's Mongolian and Nevada properties, future acquisitions and general working capital.
WARNING: The company relies upon litigation protection for "forward-looking" statements.
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