2004 News Releases
Maple Minerals Corp. Announces $2,500,000 Private Placement
February 23, 2004 –Maple Minerals Corp. (TSXV-MPM) is pleased to announce that it has engaged Toll Cross Securities Inc. to lead a syndicate of dealers to complete a private placement on a best efforts agency basis to raise gross proceeds of up to $2,500,000. The financing will involve the issue of up to 3,076,923 non-flow through units at a price of $0.65 per non-flow through unit, and up to 666,667 flow through units at a price of $0.75 per flow through unit. Each non-flow through unit will consist of one common share and one-half of one share purchase warrant. Each whole share purchase warrant entitles the holder to acquire one common share at an exercise price of $0.90 for a period of 18 months from closing. Each flow through unit will consist of one flow through common share and one-half of one flow through common share purchase warrant. Each whole flow-through share purchase warrant entitles the holder to acquire one common share at an exercise price of $1.00 for a period of 18 months from closing. Closing of the private placement is subject to receipt of all necessary regulatory approvals.
As compensation, the dealers will receive a commission of 8% of the gross proceeds raised. The dealers will also receive broker warrants entitling them to acquire that number of units that is equal to 9% of the number of units issued in the financing, for a period of 18 months. The broker warrants issued in connection with the issue of flow-through units will be exercisable to acquire units at a price of $0.75 per unit, and the broker warrants issued in connection with the issue of non-flow through units will be exercisable to acquire units at an exercise price of $0.65 per unit.
Proceeds of the sale of the units will be used for exploration of the Corporation’s properties and for general corporate purposes.
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forwardlooking statements are subject to risks and uncertainties and other factors that may cause Maple’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Maple disclaims any intent or obligation to update these forwardlooking statements.
The TSX Venture Exchange does not take Responsibility for the adequacy or accuracy of this release.
Maple Minerals Corp. L.M. (Gino) Falzone President (416) 941-1071