Vancouver-based Aurizon Mines (TSE) recently entered into a private placement agreement to purchase 500,000 common shares of 36% owned affiliate Aurex Resources (VSE) for 35 cents a share.
In addition, Aurizon has renegotiated the terms of an agreement on the Connell Corner base metal claims east of Val d’Or, Que., which are adjacent to the massive sulphide discovery of Aur Resources (TSE) and Societe Miniere Louvem (TSE).
Under an amended agreement, Aurex can earn a 49% stake in the Connell Corner claims as well as certain contiguous claims in return for issuing 200,000 additional shares to Aurizon by December, 1994. The shares are to be issued in annual blocks of 50,000 beginning on the date the formal agreement is signed.
Aurex is also required to spend $1 million on the claims by the end of 1995, including at least $100,000 in the first year of the agreement. Subject to regulatory approval, Aurizon’s interest in Aurex will increase to 60% when the transactions are completed.
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