Following completion of a $2-million private placement and a share consolidation, Welcome North Resources (VSE) will retain M.O.F. Management to manage the company’s investments.
Welcome North operates as a holding company, administering properties for farm-out as well as managing a portfolio of marketable resource-related securities.
The company has about $2.5 million in cash plus investments, as well as 12.6 million shares outstanding.
Welcome North plans to raise an additional $2 million through a private placement. It will also roll back its current 12.6 million common shares on the basis of one new for eight old shares.
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