Greenstone closes financing

An agreement with its bankers has enabled Greenstone Resources (GRE-T) to raise more than US$7 million in equity.

Brokerage house Nesbitt Burns bought 10.8 million shares in the company, at $1.20 per share. The company retains the right to buy up to an additional 1.6 million shares at an equivalent price until Feb. 6.

The agreement extends the company’s loan repayment date to mid-2000 and waives a stipulation that it maintain cash balances or unused credit, or both, totalling US$5 million (T.N.M., Jan. 4/99).

Greenstone operates three gold mines in Central America. A fourth mine, San Andreas in Honduras, is being commissioned.