Mega Uranium Mining & Exploration in  Canada, Cameroon, Australia, Argentina, Bolivia, Columbia and Mongolia.

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Mega Uranium Ltd.
211 Yonge Street, Suite 502
Toronto, Ontario, Canada
M5B 1M4

Phone 416.643.7630
Fax 416.941.1090
 

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2005 News Releases

Maple Minerals Corp. Announces Closing of $7,500,000 Private Placement

TORONTO, ONTARIO, March 15, 2005 – Maple Minerals Corp. (“Maple”) (“MPM”; TSXV) is pleased to announce that it has closed its previously announced non-brokered private placement to raise gross proceeds of $7,500,000. An aggregate of 10,000,000 units were issued pursuant to the financing at a price of $0.75 per unit. Each unit consists of one common share and one-half of one share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one additional common share of Maple at any time from the date of issuance until September 15, 2006 (the “Warrant Term”) at an exercise price of $1.00 per share. If, following July 16, 2005, the closing price of the common shares exceeds $1.50 for 20 consecutive business days, then the Warrant Term shall be automatically reduced and the share purchase warrants will expire on the date which is 30 days following the issuance of a news release announcing the reduced Warrant Term. The securities issued in connection with the financing will be subject to a hold period of four months and one day from the date of issuance. The financing remains subject to the final approval of the TSX Venture Exchange.

Although the financing was non-brokered, Maple paid a cash commission and issued an aggregate of 155,400 compensation options to certain dealers that arranged for the sale of units. Each compensation option entitles the holder to acquire one common share of Maple at a price of $0.75 until September 15, 2006 (the “Option Term”). If, following July 16, 2005, the closing price of the common shares exceeds $1.50 for 20 consecutive business days, then the Option Term shall be automatically reduced and the compensation options will expire on the date which is 30 days following the issuance of a news release announcing the reduced Option Term.

In connection with the financing, an aggregate of 2,400,000 units were issued to insiders of Maple, together with their associated entities and related parties. In this regard, an aggregate of 300,000 units were acquired by an associated entity of Mr. L.M. (Gino) Falzone (the President of Maple); an aggregate of 400,000 units were acquired by Mr. Sheldon Inwentash (a director and Chairman of Maple); an aggregate of 1,655,000 units were acquired by Brownstone Ventures Inc. (an insider of Maple as a result of its shareholdings); and an aggregate of 45,000 units were acquired by Mr. Larry Goldberg (the Chief Financial Officer of Maple). Proceeds of the sale of the units will be used for general corporate purposes.

Maple Minerals Corp. (TSXV: MPM) is a Toronto based resource company with properties in Africa, Canada and the Dominican Republic. For more information about Maple, please visit the company’s website at www.mapleminerals.com.

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 forward-looking 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 forward-looking statements and cautions investors from placing undue reliance on forward-looking statements. Maple does have an ongoing obligation to disclose material information as it becomes available .

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact:

L.M. (Gino) Falzone
President
(416) 643-7630