Golden Rule and Manson Creek restructure 1-m-unit financing

A previously announced financing deal between Manson Creek Resources (TSE) and Golden Rule Resources (TSE) has been restructured.

Under the current deal, Golden Rule will subscribe to one million units of Manson at 67 cents per unit. Each unit consists of a common share and a purchase warrant exercisable at 67 cents. Under the earlier plan, the units were priced at 56 cents each.

The transaction had to be restructured because of Manson Creek’s inability to complete its acquisition of a Venezuelan company within a certain time frame. Subsequent to the restructuring, Manson and its joint-venture partners, Athlone Resources (VSE) and Ballatar Explorations (VSE), have acquired the privately owned Venezuelan company which has mineral concessions in the Kilometre 88-Chicanan gold camps in southeastern Venezuela. The private company had signed contracts with Corporation Venezolana de Guayana (CVG) to explore and exploit both alluvial and vein deposits in the Perruco II and Perruco V concessions, which total more than 8,100 hectares. Manson is also negotiating for additional concessions in the gold camp known as El Dorado, also in Bolivar state.

The Venezuela company and its properties will be held 40% by Manson (which is project operator), 40% Athlone and 20% Ballatar.