A private placement by Asquith Resources (TSE) of 3 million special warrants has closed.
Each special warrant was priced at $1 each and will be convertible into one unit consisting of one common share and one-half a common share purchase warrant. Each full purchase warrant will entitle the holder to buy an additional common share at $1.50 for 18 months.
Asquith has received gross proceeds of $1 million and will receive the remainder when receipts for the final prospectus are issued.
Proceeds will be used to explore the company’s Roandji gold property in the Central African Republic, a 2,000-sq.-km permit encompassing the historic Roandji gold deposits (the first deposits in the country to be mined on an industrial scale). The region produced 1.7 tonnes gold from alluvial and placer sources from 1931 to 1950. Asquith is interested in the primary source of the gold, which has never been found or exploited.
The exploration program, expected to begin shortly, will be managed by United Reef (TSE).
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