SINGAPORE, Feb. 24 /CNW_AsiaNet/ - R. Edward Flood, President, and Robert M. Friedland, Chairman of Indochina Goldfields Ltd. today announced that the company has arranged a "bought deal" private placement of up to C$90 million with a sydnicate of First Marathon Securities Limited, Nesbitt Burns Inc. and CIBC Wood Gundy Securities Ltd. The private placement is subject to all necessary regulatory approvals. The private placement will consist of up to 5,000,000 special warrants, each priced at C$18.00 with a minimum purchase by the Underwriters of 3,500,000 special warrants (C$63,000,000). Each special warrant will entitle the holder to acquire one common share of the company without additional payment upon exercise of the special warrant. Closing of the private placement is scheduled for March 11, 1997. Proceeds of the offering will be used to fund on-going exploration and development of the company's existing properties, acquistion of of new properties and for issuer, and together current cash reserves the company will have approximately C$215 million in cash. The special warrant will become exercisable upon issuance of receipts for a prospectus to be filed by the company with applicable Canadian securities regulatory authorities. Proceeds of the offering will be held in escrow pending clearance of the prospectus. In the event final receipts for the prospectus have not been isssued within 90 days of the closing of the private placement, each special warrant will be exercisable for 1.1 common shares of the company, subject to the holder's right to require warrants to be repurchased by the company at the issue price plus pro rata interest. the special warrants and the common shares issueable upon exercise of the special warrants have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available. Indochina Goldfields has a portfolio of assets that includes gold and copper properties and other interests in Indonesia, Myanmar, Kazakstan, South Korea, Vietnam and Fiji. The company currently holds approximately C$70 million of these interest in the form of listed securities. The company's shares trade on the Toronto Stock Exchange and on the Australian Stock Exchange under the symbol ING. For further information: Singapore: R. Edwards Flood- 65-337-1818-or North America: (604) 688-5755