Windarra Minerals (VSE) reports that its initial private placement with Hemlo Gold Mines (TSE) has been completed. The placement consisted of two million shares at $2 per share, providing $4 million to Windarra plus the exchange of one million Windarra shares for 100,000 Hemlo sharez.
A total of $3.5 million from the private placement will be utliized for Windarra’s portion of a major exploration program on the Eastern group in the Mishibishu Lake gold belt, Ontario. Windarra intends to hold the Hemlo shares for investment purposes.
Work is progressing well at the adjoining Magnacon project currently being prepared for production. Funding for Windarra’s 25% interest in this project is also being provided by Hemlo through a low- interest loan of $7.5 million. Production for the 600-ton-per-day mill has been set for January, 1989.
Be the first to comment on "Windarra planning major exploration"