Belmoral Mines has completed the financing of 4.3 million units at $6.50 per unit with McLeod Young Weir International, the mining company reports. The financing raised an aggregate $27,950,000.
The units were sold to institutional and private investors, mainly in Europe. Each unit will be exchangeable Sept 15 into one common share and one warrant of Belmoral. Each warrant will entitle the holder to buy one common share of the company for $8.50 by Jan 15, 1990.
Belmoral plans to spend the funds on its various gold projects.
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