As the result of a name change and a share consolidation, Esperanza Explorations has become Columbia Gold Mines (VSE). With a share consolidation of one new for three old, the company has about 4.4 million shares outstanding. The new company has also implemented a rights offering, issuing shareholders one right for each share. Five rights plus 80 cents will buy one unit of Columbia consisting of one share and one non-transferable share purchase warrant allowing the holder to buy one further share at $1 until May 3, 1991.
In return for back-stopping the rights issue, L.O.M. Western Securities will receive a warrant to purchase up to 250,000 shares at $0.80 per share, exercisable until Nov. 5.
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