The share purchase price is to be determined by the average closing price of American Reserve’s shares during a 20-day period preceding the first CMP closing, expected in mid-October.
The funds will be applied to the surface and underground exploration programs currently under way at the Paymaster gold project in Timmins, Ont. The project is owned 60% by Placer Dome (TSE), the operator, and 40% by American Reserve.
In other news, American Reserve is redeeming $375,000 of convertible debentures with current accrued interest of $12,760. The redemption has the effect of cancelling 500,000 shares reserved for issuance by way of share purchase warrants.
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