 Copperstone Air Photo showing Target Zones & Development
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| | October 18, 2002
American Bonanza Closes Private Placement
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| | AMERICAN BONANZA GOLD MINING CORP. (the "Corporation") is pleased to announce it has completed a brokered and non-brokered private placement totaling 10,166,665 units of the Corporation at a price of $0.15 per unit, for gross proceeds of $1,525,000, which include the exercise of an over allotment option by its agent Canaccord Capital Corporation ("Canaccord"). Each unit is comprised of one common share and one non-transferable common share purchase warrant with each warrant entitling the holder to acquire one common share at a price of $0.17 until October 18, 2004. Two senior officers of the Corporation, Mr. Brian Kirwin and Mr. Giulio T. Bonifacio subscribed for 1,600,000 units of this offering. Canaccord as agent for the brokered portion of this private placement have been paid an agent's fee of 7% on the gross proceeds of the brokered portion sold by Canaccord and agent's warrants to purchase 766,666 common shares on the same terms as the other warrants, equal to 10% of the brokered units sold. Also the Corporation issued a corporate finance fee of 250,000 units to Canaccord. All of these securities are subject to Exchange and Securities Act hold periods expiring February 18, 2003. The proceeds of the private placement will be applied to general corporate working capital and be used for the further development of the Copperstone project.
Additionally, the Corporation is also pleased to announce that it has completed shares for debt settlement agreements for indebtedness totaling $400,000 by the issuance of 2,000,000 common shares at a deemed price of $0.20 per Common Share. All of these securities are subject to Exchange and Securities Act hold periods expiring February 18, 2003.
About American Bonanza
American Bonanza is engaged in the acquisition, exploration and development of high-grade precious metal properties. American Bonanza's innovative metallogenic techniques developed at considerable expense represent state-of-the-art tools for modern exploration in the Great Basin of the American Southwest. American Bonanza's metallogenic techniques have involved technical pioneering in terms of geological data analysis, hardware and software applications and will be the catalyst for future corporate growth.
Additional information about American Bonanza can be obtained at www.americanbonanza.com
AMERICAN BONANZA GOLD MINING CORP.
(signed) Brian Kirwin
President and Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this news release. |
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