Financing for the previously announced purchase of a 50% back-in option and a buy-back of a 3% royalty interest on the San Francisco gold property has been arranged by Geomaque Explorations (TSE).
Geomaque’s advanced project is situated in Sonora, Mexico.
To repurchase the 3% royalty interest, Geomaque agreed to pay the vendor US$3.5 million and issue 1.2 million common shares.
Funds for the royalty repurchase are being raised by way of a private placement with Goldcorp (TSE).
Goldcorp agreed to subscribe to 3.5 million shares (priced at about $1.40 per share) and 2.5 million warrants valid until June 1, 1997, at an exercise price of $1.50 per warrant.
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