NEWS RELEASE TRANSMITTED BY CCN NEWSWIRE - A SERVICE OF ITG
FOR: HIGH RIVER GOLD MINES LTD.
TSE SYMBOL: HRG
FEBRUARY 22, 2001 - 16:01 EST
High River Gold To Raise $1.05 Million Through Equity
TORONTO, ONTARIO--High River Gold Mines Ltd. (the "Corporation")
today announced that it has entered into an agreement with Jory
Capital Inc. to act as agent (the "Agent") for the private
placement of up to 3,000,000 units of the Corporation (the
"Units") at Cdn $0.35 per Unit for gross proceeds of Cdn
$1,050,000. The Agent will receive a 5% commission.
Each Unit shall consist of one share of the common stock of the
Corporation and one share purchase warrant. Each share purchase
warrant and the sum of Cdn $0.50 shall be exchangeable for one
share of the common stock of the Corporation at any time until
twelve months from the date of closing of the private placement.
A first closing is expected prior to February 28, 2001.
The agreement is subject to the approval of High River's Board of
Directors and receipt of all regulatory approvals.
The proceeds are to provide funding for working capital purposes
and exploration programmes in Manitoba.
FOR FURTHER INFORMATION PLEASE CONTACT:
High River Gold Mines Ltd.
David Mosher, President and CEO
Don Whalen, Chairman