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Canadian Venture Exchange Inc. Symbol YLI |
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Millstream Mines
Ltd. Fax: (416) 368-6827 |
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34,632,043 SHARES ISSUED |
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FOR
IMMEDIATE RELEASE Date: Oct. 28, 2003 Close:
$0.15 Toronto, Ontario --
Millstream Mines Ltd. (YLI - TSX-V) wishes to announce that the previously
reported (PR Sept. 15, 2003) private placement of 1.375 million units will
close on or before December 13, 2003. As stated on September
15th, the offering will consist of 1.375 million units in the capital stock
of Millstream at a price of $1.00 per unit. Each unit will be comprised of
three flow-through shares and one common voting share. In addition, each unit
will also contain three warrants to purchase additional common voting shares
for a period of two (2) years at a price of $0.375 per common share and one
warrant to purchase one common voting share for a period of two (2) years at
a price of $0.25 per common share. The intended use of these proceeds is for
Sudbury Area exploration and development and general working capital
purposes. One of the conditions
of closing the above financing is the advancement of Millstream to Tier 2 of
the TSX Venture Exchange. In order to achieve Tier 2 status, Millstream must
make application to the TSX Venture Exchange and demonstrate that it meets
the minimum listing requirements for a Tier 2 issuer. Both the Tier
reclassification and the above proposed financing are subject to the review
and approval of the TSX Venture Exchange. Upon Millstream’s advancement to
Tier 2, the above share issuance will be subject to a four (4) month hold
period. The principle objective
of Millstream Mines Ltd. is to enhance and develop known mineral properties
to production potential. |
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For further
information contact: |
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Mr. Ernest Harrison, EM,
CEO Mr. Marty Martinello,
B.A., V.P. |
Phone:
705-474-7282 Fax:
705-474-5491 |
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Mr. Robert Chase, B.A.,
CFO |
Phone:416-368-9595 Fax: 416-368-6827 |
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Email: info@millstreammines.com Web:www.millstreammines.com |
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No regulatory authority or similar
body approved nor disapproved the information contained herein. |
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