Milling operations have started on the surface rock dumps at Ateba Mines’ Beardmore gold properties near Thunder Bay, Ont.
To provide more mill feed for expanded milling operations at the Pan- Empire mill, the company says it will explore both the former Northern Empire mine at Beardmore and the old Magnet Mine at Geraldton.
Under an agreement with PanCanadian Mines, Ateba can earn an 86% interest in the Beardmore gold properties and a 60% interest in the Magnet mine.
In other news, Ateba’s common shares and class B rights have been listed on the Toronto Stock Exchange. Already listed in Alberta, the company has completed a class A rights offering for 3,686,290 common shares at 75 cents per share.
According to Ateba President A. C. A. Howe, since the offering was oversubscribed by 465,284 common shares, the funds submitted for the oversubscription will be returned to shareholders.
A class B rights offering of 3,686,290 common shares at 85 cents per share is scheduled to expire April 30, 1988. Each class A right exercised entitles a shareholder to one class B right while four class B rights entitles a shareholder to purchase one common share at 85 cents by April 30, 1988.
In addition to the $2,764,717 received from shareholders by the exercise of class A rights, an additional $425,000 was received from First Toronto Capital Corp., which exercised warrants to purchase 500,000 shares at 85 cents .
If all the class B rights are exercised, Ateba will receive an additional $3,133,346 by April 30, 1988.
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