Belmoral boosts Canreos holding

Shareholders of VSE-listed Canreos Minerals (1980) approved the issuance of about 4.6 million shares to Belmoral Mines (TSE), the companies report.

A debenture worth $1.45 million was converted into 2.6 million shares at 55 cents per share, while the proceeds of a $1.6 million private placement (two million shares at 80 cents per share) were used to repay additional unsecured debt owing to Belmoral. Canreos has about 17 million shares outstanding, of which Belmoral now owns 38.5%.