Cambiex offering to raise $10 million

Montreal-listed Cambiex has filed a final prospectus for a public offering of 12.5 million units at 80 cents each.

A unit consists of one common share and one half common share purchase warrant. Each full warrant entitles the holder to buy one common share in the company for $1 until Dec. 29, 1995.

Montreal-based Cambior (TSE) has subscribed to $2.2 million worth of the units, and the remaining $7.7 million will be offered to the public. In addition, Cambior will receive almost 2.4 million units as consideration for interests in certain exploration properties. As a result, Cambior will hold about 37% of the outstanding Cambiex shares.

Cambiex will use the proceeds to expand its exploration activities both internationally and in Quebec. Upon closing of the unit offering, Cambiex expects to sign several agreements with Cambior to acquire various interests in 12 properties in Chile, Peru, French Guiana, the U.S. and Quebec. The offering will close Aug. 3, at which time the units will start trading on the Toronto and Montreal stock exchanges.