Akiko meets funding deadline

Akiko Gold (VSE) has made a US$1-million option payment on the New Burgin project in Utah.

It is earning a half interest in the project from Chief Consolidated Mining (NASDAQ) by spending US$10 million. Akiko will receive treasury shares of Chief at US$4 each for the first US$4 million in expenditures.

At last report, Akiko held 285,000 shares of Chief, some of which were used to fund the US$1-million payment.

The company has secured commitments for a private placement of 200,000 units at US$5 each. A unit includes one share of Chief Consolidated, one share of Akiko and one share purchase warrant. The warrant gives the holder the right to buy Akiko shares at 45 cents each to Aug. 15, 1995, 55 cents to May 24, 1996 and 70 cents to May 24, 1997.