lDynamic Capital has agreed to provide Anglo Canadian Mining (TSE) with $250,000 to finance the first stage of exploration on the MWF gold prospect in Matheson Twp. near Timmins, Ont. Anglo has also recently negotiated a private placement of $150,000 for the project. Dynamic will fund the exploration through their CMP 1990 Resource Partnership by purchasing 833,333 shares of Anglo at 30 cents per share. The offer is conditional on the completion of the 600,000- unit private placement, at the price of 25 cents per unit. Each unit in the $150,000 placement consists of one common share and one-half common share purchase warrant. The warrants are exercisable for a period of 18 months at a price of 40 cents per share.
The MWF property consists of two patented claims adjacent to the Kidd Creek metallurgical plant. Anglo has a 51% interest in the gold play while Kenora Gold Occurrences (ASE) stands to gain the remaining 49% from prospector Corrie Miller. Falconbridge Gold (TSE) holds the ground surrounding the property and operates the high-grade Hoyle Pond gold mine nearby.
Both financing deals are subject to The Toronto Stock Exchange’s and other regulatory approval.
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