Vancouver — Majescor Resources (MAJ-V) has added $900,000 to it coffers in an effort to ramp up exploration over its promising diamond ground in northern Quebec.
The non-brokered private placements tallied $500,000 in flow through shares and $400,000 in non-flow through issue. Priced at 60 each, the flow through units consist of one share plus half a warrant. Each whole warrant entitles the holder to purchase one share at a price of 78 for an 18-month period. The non-flow through units are priced at 80 and comprise one share plus half a purchase warrant. Each whole warrant allows the holder to buy one share at $1 for a period of 18-months.
Majescor recently completed an airborne geophysical survey on its Wemindji property, 40 km east of James Bay in northern Quebec. The Wemindji area was previously worked by the Canadian exploration subsidiary of De Beers Consolidated Mines, which had traced a kimberlite indicator mineral train through the area. De Beers drilled nine magnetic anomalies without success before walking away in July 2000.
The junior aims at running ground geophysics over 8 priority targets, several of which host highly anomalous glacial till samples (one of which yielded more than 9,000 indicator grains), leading to a drill program slated to start later this month.
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