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| | Wed Mar 26, 2003
First Au Receives Additional Private Placement Subscriptions
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| | FIRST AU STRATEGIES CORP. (TSX-V:FAV; the "Company") reports that the Company has received and accepted additional private placement subscriptions for 970,000 additional units (910,000 flow-through and 60,000 non flow-through) on the same terms as announced on February 24, 2003. The purchase price is $0.10 per unit, yielding additional gross proceeds of $97,000, making the total proceeds of the placement $1,370,000.
Each flow-through unit consists of one flow-through common share of the Company and one-half Series G share purchase warrant ("Warrant"). Each non flow-through unit consists of one non flow-through common share of the Company and one whole Warrant. Each whole Warrant entitles the holder to purchase one non flow-through common share of the Company for a period of two years at a price of $0.15 in the first year and at a price of $0.20 per share in the second year. A finder's fee is payable in respect of the additional subscriptions.
Subject to the consent of the TSX Venture Exchange, the Company intends to close this segment as a second tranche of the private placement originally announced on February 24, 2003. The principal tranche of $1,273,000 closed on March 20, 2003.
For further information contact Kaare Foy, Chief Financial Officer, at telephone 604 608 1766, fax 604 608 1744, e-mail oceanic@telus.net.
ON BEHALF OF THE BOARD
Kaare G. Foy, Director and CFO |
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| | You can view the Next News Releases item: Fri Mar 28, 2003, First Au Closes Second Tranche Of Private Placement
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