Patrician Gold Mines (PXX-A) has raised $400,000 to continue exploring several of its gold and base-metal properties in the vicinity of Timmins, Ont.
The company recently closed two separate private placement deals, which, taken together, comprise 1.35 million flow-through shares, 650,000 common shares and 2 million share purchase warrants. Each warrant entitles the holder to buy an additional share at 20cents anytime before Feb. 28, 2000.
About one-third of the proceeds will be used by the company for unpaid accounts and working capital.
Taking the recent deal into account, Patrician has 15 million shares outstanding, or 20 million on a fully diluted basis.
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