Funding settled

Marshall Minerals of Newmarket, Ont., and First Exploration Fund 1987 and Co., Ltd. Partnership have concluded a series of agreements whereby First Exploration will provide up to $20.6 million in flow-through shares.

Of that total, $5.6 million is required to be spent by Feb 28, 1988, with the balance in 1989. These funds will be spent on programs to be selected by the company in the near future and are subject to approval by First Exploration.

The purchase price is $1 per share for the first one million shares and thereafter, a premium of 20% above the weighted average trading price during the 30-day period prior to execution of the formal subscription agreement. Other terms and conditions include a requirement to invest the equivalent of 29% of the proceeds in preferred shares of Putco Holdings II Ltd.