04.29.2004
TORONTO, April 27 /CNW/ - Sahelian Goldfields Inc. (Sahelian) is pleased to announce that it has received approval for the Canadian Trading and Quotation System Inc. (CNQ) to list its common shares commencing at the opening on Thursday, April 29, 2004.
The symbol will be SAGE. CNQ is an innovative new stock market for trading the equity securities of emerging companies. CNQ's unique market model matches enhanced disclosure and streamlined issuer regulation with leading edge technology and comprehensive regulatory oversight to meet the needs and characteristics of emerging companies, their investors, and investment dealers. Quotations can be obtained in the normal manner through recognised investment dealers, or the CNQ web site www.CNQ.ca.
The Company is also pleased to announce that it has engaged First Associates Investments Inc. to act as agent in connection with a proposed best efforts private placement of 100,000,000 units, each unit consisting of one common share and one common share purchase warrant at one pence sterling per share (approximately Cdn 2.40 cents per share). Each share purchase warrant will entitle the holder to purchase an additional common share of the Corporation at a price of $0.05 up to March 29, 2009. The agent's cash commission will be 8% and broker warrants equal to 10% of the number of units sold. Subsequent to the financing, Sahelian plans to consolidate the shares on a minimum of 1 for 2.5 basis at the next annual meeting to comply with CNQ policies. Currently there are 343,966,945 shares outstanding. The Company has approximately $1.2 million in cash.
The Company's focus is to build a mining company through the acquisition of advanced development and production targets, primarily in silver and gold. In order to assist in this process, the Company plans to utilize the proceeds from this proposed financing in its future acquisition activities. Nigel Lees stated "With the funds in hand and proceeds from this proposed financing, we will be well placed to aggressively pursue company and property acquisition targets in the Americas." Sahelian's main focus is to build a mining company through acquisition of advanced development and production targets, primarily in gold and silver. This release was prepared by management of the Company who takes full responsibility for its contents.
The Canadian Trading and Quotation System Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.
For further information: SAHELIAN GOLDFIELDS INC., 1 Richmond Street West, Suite 701, Toronto, Ontario M5H 3W4, Tel: (416) 204-3170, Fax: (416) 260-2243/ (SAGE.) CO: Sahelian Goldfields Inc. CNW 17:59e 27-APR-04