Cusac Gold Mines Ltd.: Cusac Closes $158,510 Financing
Cusac Closes $158,510 Financing VANCOUVER, BRITISH COLUMBIA — (MARKET WIRE) — May 18, 2007 — David H. Brett, President, Cusac Gold Mines Ltd. (TSX: CQC)(OTCBB: CUSIF)(FRANKFURT: DCB) (the “Company”), reports that the Company has closed an additional $158,510 in equity financing
in the second tranche of a $2 million financing announced April 2, 2007. The Company issued 555,555 flow-through units at $0.27 per unit for gross proceeds of $150,000, and 37,000 common share units at $0.23 per unit for gross proceeds of $8,510.00. Each unit includes one half of one non-transferable share purchase warrant, where each whole warrant entitles the holder to purchase one common share at a price of $0.35 per share for a 18 month period expiring November 17, 2008. The flow through proceeds will be used mainly to fund exploration of the Taurus Project and partly to fund the recently announced drill program at the Oro Vein. The non flow through proceeds will be used for general working capital.
Compensation paid on closing consisted of cash commissions totaling $6,000 and 22,222 broker warrants were issued whereby each warrant entitles the holder to purchase common shares at a price of $0.23 per share for an 18 month period expiring November 17, 2008. All shares issued pursuant to this private placement together with any shares issuable on exercise of warrants have a hold period expiring September 18, 2007.
CUSAC GOLD MINES LTD.
David H. Brett, President & CEO
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Popularity: 1% [?]
