Gold Exploration in West Africa

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Red Back (RBI.V) raising C$15-20M issuing special warrants

RED BACK MINING ANNOUNCES SPECIAL WARRANTS
PRIVATE PLACEMENT
May 21, 2004 (RBI – TSXV) Red Back Mining Inc. (“Red Back” or “the Company”) has retained a syndicate of investment
dealers led by GMP Securities Ltd. and Haywood Securities Inc., and including Macquarie North America Ltd. (the
“Agents”), on a best efforts basis to raise up to $15 million by way of private placement of 7.5 million Special Warrants at a
price of $2.00 per Special Warrant. The Special Warrants shall be exercisable, without payment of additional
consideration, for one Common Share and one full Common Share Purchase Warrant. Each Common Share Purchase
Warrant is exercisable over a period of 2 years from the Closing Date into one Common Share at a price of $2.25.
The Company shall have the right to force conversion of the warrants at any time prior to the second anniversary if the
common shares trade at a weighted average price of $2.50 for a period of at least 30 consecutive trading days during the
period.
In addition, Red Back has granted the Agents an Over-Allotment Option to purchase up to an additional 2.5 million Special
Warrants for gross proceeds of $5 million up until the Closing Date.
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[for full article, see http://www.redbackmininginc.com ]