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| April 05, 2005 MINCO SILVER ANNOUNCES C$6 MILLION FINANCING AND INITIAL PUBLIC OFFERING |
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Minco Mining & Metals Corporation (TSX: MMM) is pleased to announce that its subsidiary, Minco Silver Corporation ("Minco Silver"), plans to complete a special warrant offering and initial public offering ("IPO") for gross proceeds of C$6 million. Minco Silver intends to conduct the financing in two parts as follows:
Each Special Warrant will entitle the holder, upon the exercise or deemed exercise thereof and without payment of any additional consideration, to receive one (1) common share of Minco Silver. Each Special Warrant is exercisable by the holder at any time for a period of twelve (12) months from the date of Closing, or on the fifth business day after the day on which a receipt is issued qualifying the issuance of the common shares on exercise of the Special Warrants. Minco Silver has entered into an agreement with a syndicate of underwriters led by First Associates Investment Inc. and comprised with Sprott Securities Inc. (the "Agents") to act as agent with respect to the brokered portion of the special warrant offering and IPO offering on a "best effort" basis to raise C$3 million ("Brokered Financing"). The Agents will have the option to increase the Brokered Financing by up to C$450,000 at a price of C$1.25 per share. Minco Silver has agreed to pay a cash commission equal to 8% of the gross proceeds of the Brokered Financing. In addition, Minco Silver has agreed to pay an underwriting fee of C$45,000 and to issue at closing, non-transferable agents options to purchase up to 10% of the number of securities sold in the Brokered Financing ("Agents' Options"). Each Agent's Option will entitle the holder to purchase an additional common share of Minco Silver at C$1.25 per share for a period of 12 months from the date of closing and thereafter at C$1.50 per share for an additional six months. Minco Silver currently has approximately C$3 million in working capital and 20 million shares outstanding. Upon closing the C$5 million financing, management believes that the Company, partnered with Silver Standard Resources Inc., will have sufficient funding to pursue its strategy in acquiring silver assets in China. - 30 - For further information, please contact William Meyer or Ken Cai at Minco Mining & Metals Corporation at: 1-888-288-8288 and (604) 688-8002, or by email at: info@mincomining.ca or www.mincomining.ca. The Toronto Stock Exchange does not accept responsibility for the accuracy of this news release. Certain terms or statements made that are not historical facts, such as anticipated advancement of mineral properties or programs, productions, sales of assets, exploration plans or results, costs, prices, performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected or implied. These risks and uncertainties include, but are not limited to; metals price volatility, volatility of metals production, project development risks and ability to raise financing. Refer to the Company's Form 20-F and Form 6-K reports for a more detailed discussion of factors that may impact future results. The Company undertakes no obligation and has no intention of updating forward-looking statements. |
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