A private placement of two million special warrants has been completed by Tiomin Resources (ME). Upon clearance of a final prospectus, the two million special warrants will be exchanged for two million common shares and two million warrants exercisable at $1.70 for a period of two years.
The proceeds, totalling $3 million, will be used to finance a feasibility study on Tiomin’s Natashquan heavy minerals sand deposit in Quebec’s North Shore area. The property has preliminary reserves of 1.3 billion tonnes grading 6% heavy minerals, which include iron, titanium, zircon and garnet.
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