BELMORAL MINES TO ISSUE 24.9 MLN DLRS STOCK
<Belmoral Mines Ltd> said it agreed to
sell 5,250,000 common shares and 2,625,000 purchase warrants
for 24.9 mln dlrs to McCarthy Securities Ltd for private
placements to European and Canadian investors.
    The agreement provides for the sale of preferred and common
shares of Belmoral held by Continental Illinois Bank (Canada)
according to a prior agreement which gave Belmoral the right to
designate a purchaser for the bank's stock. Belmoral said it
will redeem the first preferred shares.
    The transactions are subject to regulatoral approvals.
 Reuter
