Carpathian Gold Inc. calls in warrants
Apr 20, 2006 2:21:50 PM
TORONTO, Apr 20, 2006 (Canada NewsWire via COMTEX News Network) --
Carpathian Gold Inc. (TSX-V:CPN) announces that it has elected to call upon the unexercised purchase warrants issued by the Corporation on November 30, 2005 and January 27, 2006. To date, 9,000,000 of these warrants have been exercised for gross proceeds of $1,800,000, and the Corporation wishes to call the remaining 6,333,000 warrants, to be exercised on or before April 27, 2006, at a price of $0.20 per share. In the event that these outstanding warrants become exercised, the Corporation will realize additional gross proceeds of $1,266,600 and the total number of shares outstanding will be 92,334,096. All unexercised warrants as at the end of the business day on April 27, 2006 shall automatically become void for termination and will be of no force and effect. Common shares acquired upon the exercise of these outstanding warrants will remain subject to the hold period that is in effect, and accordingly shall be restricted from trading until May 28, 2006.
The call was triggered by the weighted average trading price of the common shares of the Corporation exceeding $0.30 for more than 20 consecutive trading days, which occurred from March 14, 2006 to April 11, 2006. Holders of the warrants wishing to exercise must follow the exercise procedures described in the warrant certificates, or alternatively, contact the Corporation at 416-368-7744.
The Corporation intends that the proceeds from the exercise of the warrants will be allocated to general working capital and the on-going drilling program on the wholly owned Rovina Exploration License, located in Central Romania, where significant gold-copper porphyry prospect is being evaluated.
Additionally, Ms. Linda Prager, CA, has been appointed Chief Financial Officer of the Corporation effective May 1, 2006. Ms. Prager has been the Controller of the Corporation since 2003 and replaces Mr. Daniel Whittaker who has resigned to pursue other business opportunities. Ms. Prager's appointment is subject to TSX approval.
Carpathian Gold Inc. is a mineral exploration company focused on gold exploration on its properties in Romania.