BELL RESOURCES TO ISSUE WARRANTS ON BHP GOLD MINES
Bell Resources Ltd <BLLA.S> said it will
raise about 50.8 mln dlrs by issuing 135.6 mln warrants at 37.5
cents each, entitling the holder to take up shares in BHP Gold
Mines Ltd <BHPG.ME> at 1.60 dlrs each on or before December 15,
1987.
    The non-renounceable entitlement will be on the basis of
one-for-three to holders of Bell Resources fully-paid shares
and convertible preference shares registered on May 6, the
company said in a statement. Other ratios will be one-for-five
for partly paid Series A shares, one-for-eight for partly-paid
Series B and C shares and one-for-10 for 1987 options.
    Bell said the security is similar in concept to the
warrants on the shares of BHP Gold Mine's parent company, The
Broken Hill Pty Co Ltd <BRKN.ME> (BHP), launched by Bell about
one year ago.
    BHP is currently floating BHP Gold Mines, the vehicle for
its gold interests in Australia and other countries.
    The Bell Group Ltd will not take up its entitlement to the
BHP Gold Mines warrants, but the family companies of its
chairman Robert Holmes a Court will, Bell said.
    The warrants will be listed and stockbroker McCaughan Dyson
and Co Ltd is underwriting the issue.
 REUTER
