Golden Rule Resources (TSE) has completed a private placement of 2.5 million shares at $2.12 each.
It will advance to Waddy Lake Resources (TSE) up to $4 million from the $5.3-million placement. Waddy, a 55%-owned subsidiary of Golden Rule, will use the proceeds to explore and develop its Komis gold deposit near La Ronge, Sask., and rehabilitate the Jolu mill.
The underground program is on schedule and milling of a 10,000-ton bulk sample is expected to begin by mid-March.
The funds are being provided to Waddy under the terms and conditions of a convertible note, which can be exchanged into Waddy shares at $1.25 each. Upon conversion of the note, Golden Rule will increase to 63% its ownership of Waddy.
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