A private placement will allow Societe Miniere Ecudor (ME) to increase to 35% its stake in the Dona Lake gold mine in northwestern Ontario.
The $1-million debenture placement, which has yet to be approved by regulators, will mature Sept. 30, 1994. It is convertible into common shares (600,000 at $1.65 each) and is accompanied by warrants (600,000 at $2 each, exercisable over 18 months).
Ecudor’s partner at Dona Lake is Ross Finlay. The mine, near Pickle Lake, produces about 3,000 oz. per month.
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