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February 18, 1998 Columbia Yukon Resources Ltd. (the "Company") wishes to announce that it has negotiated a private placement of 700,000 special warrants at a price of $0.15 per special warrant. Each special warrant will consist of one flow-through common share and one non-transferrable share purchase warrant, exercisable for a period of one year at a price of $0.20 per share, and will be exercisable into one flow-through common share. The Company will be obliged to use its reasonable best efforts to qualify the securities underlying the special warrants pursuant to a prospectus to be filed in the Provinces of British Columbia and Alberta. If final receipts are not provided by the applicable securities regulatory authorities within 180 days of the closing of the private placement, the Company will be subject to a penalty and each special warrant will then entitle the holder to 1.1 flow-through common shares and 1.1 flow-through warrants. The private placement will raise gross proceeds of $105,000.00 and is being sold to certain insiders of the Company. Proceeds realized from the private placement will be used by the Company to fund additional exploration work on its properties located in Alberta. The private placement is subject to regulatory approval.
THE ALBERTA STOCK EXCHANGE NOR ANY REGULATORY BODY HAS REVIEWED THIS NEWS RELEASE AND THEREFORE DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. |