MINING MARKETS & INVESTMENT NEWS — Nelson to proceed with offering

Proceeds from a rights offering by Nelson Gold (NLG-T) will be used to repay a loan.

The purchase of four rights will entitled holders to purchase one common share at 27 cents until July 27, 1998. The offering will result in the issuance of about 19 million new shares.

Those shares not picked up by shareholders will be purchased under agreement by Liverpool Limited Partnership and Westgate International, which already hold a combined 7.3 million shares in the company. Nelson stands to make $5.2 million in the offering, of which US$3.6 will be used to repay a loan from those two companies.