Toronto-based Joutel Resources (TSE) has raised nearly $711,500 from a recent shareholders’ rights offering which was fully subscribed for the maximum of 4.4 million units. Under the terms of the rights offering, shareholders received one transferable right for each share held as of July 24. Eight rights plus 16 cents entitled the right holders to purchase one unit comprising one new share and one-half of a transferable warrant.
Each whole warrant plus 25 cents entitles the holder to subscribe for one additional share of Joutel by Nov. 6. The Toronto Stock Exchange has conditionally approved the listing of the warrants which will be posted for trading soon.
Proceeds from the offering will be added to the company’s working capital as well as being used for mining claim option payments and general overhead costs.
Meanwhile, Joutel says drill programs will begin soon on its Ben Nevis polymetallic property near Kirkland Lake, Ont., and on its Red Cliff gold-copper property near Stewart, B.C.
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