Mr. Douglas Mason reports
MAGNUM GOLDCORP INC. ANNOUNCES NON-BROKERED PRIVATE PLACEMENT
Magnum Goldcorp Inc., subject to regulatory approval, intends to proceed with a non-flow-through non-brokered private placement. Under the private placement, the company intends to raise up to $500,000 by the issuance of 10 million non-flow-through units at five cents per unit. Each unit will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional non-flow-through common share for a period of two years at an exercise price of 10 cents. With respect to this private placement, the company may pay finders' fees in the amount of 10 per cent, payable in cash or units, based on the sale of the units purchased by subscribers introduced to the company by such finders.
The company intends to use the proceeds from this private placement for further exploration on its LH property and for general working capital purposes. The LH property is a gold exploration property consisting of 19 contiguous Crown-granted claims and seven mineral claims, located approximately seven kilometres south of Silverton, B.C., on the east side of Slocan Lake. Access to the LH property is by Highway 6 for eight km south of Silverton and then by Red Mountain Road for two km and a four-wheel-drive road along Fingland Creek for five km.
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