Dickenson Mines (TSE) has converted the $95,000 owed to it by Goldquest Exploration (TSE) into 527,777 common shares of Goldquest. The debt was converted on the basis of one common share of Goldquest for each 18 cents owed.
Dickenson incurred the debt by paying Goldquest’s maintenance fees on claims near Red Lake, Ont., and its corporate overhead costs.
Following the transaction, Dickenson will hold 5,906,775 common shares of Goldquest for a 62% interest.
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