Just weeks after buying the Dona Lake gold mine from Placer Dome (TSE) for $2 million, mining contractor Ross-Finlay has sold a 49% interest in the property to Societe Miniere Ecudor (ME) for $4 million.
Ecudor will acquire an initial 5% interest in the mine, near Pickle Lake, Ont., for $200,000, with an additional $300,000 due by Aug. 27. Ecudor can make the $300,000 payment by issuing 150,000 shares at $2 per share and 150,000 warrants at $2.60 per warrant.
The company will receive an additional 10% interest by paying $500,000 on Aug. 27. The remaining 34% is to be acquired by way of further payments of: $1 million on Sept. 30; $500,000 on Oct. 31; $750,000 on Dec. 31; and $750,000 on Feb. 28, 1994.
The transaction has yet to be approved by the board of Placer Dome and regulators.
Be the first to comment on "NEWS ROUNDUP — Ecudor buys Dona Lake interest"