An exploration agreement has been entered into by McAdam Resources with nim Resource 1987 and Co., Ltd. Partnership whereby nim will subscribe for $1 million of flow-through common shares of McAdam to be issued to nim at a price exceeding the share market value, President John McAdam reports.
McAdam has also entered into an exploration agreement with nim and Co., Ltd. Partnership 1988 whereby nim will subscribe for $2 million of flow-through common shares of McAdam to be issued to nim at a price exceeding the market value.
Both agreements are subject to the approval of McAdam’s board of directors and to regulatory approval. McAdam intends to use the funds to further explor e its McWatters gold property near Rouyn, Que., where preliminary reserves of 906,575 tons grading 0.16 oz per ton are indicated, and at its Spud Valley gold property on Vancouver Island where preliminary reserves of approximately 429,000 tons grading 0.25 oz are indicated. Modest exploration programs will also be undertaken on three Ontario properties, Mr McAdam reports.
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