Toronto-based Giant Pacific Petroleum (VSE) plans to issue 2.8 million special warrants at 18 cents per warrant through a private placement. Proceeds of the fully subscribed placement, in addition to revenue from the sale of various assets, will be used to finance recently acquired mining projects.
In Sonora, Mexico, Giant plans to begin a feasibility study on the Amelia mine and Amelia Seven group of properties. In Nevada, Giant will prepare the Goldfields mine in Goldfields, Nev., for production.
In addition, a portion of the proceeds will be used to pay outstanding creditors, expand oil and gas activities and enhance working capital.
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