The placement of a $500,000 convertible debenture has been completed by Chelsea Resources. The debenture was placed with Lufer Corp. and is convertible at $2.35 per share over a one-year period. Chelsea has also granted Lufer 200,000 warrants exercisable at $3 per share for a one-year term. A $1 million line of credit has also been arranged with a bank.
At the company’s Spotted Horse mine in Montana, gold production has reached the 40-oz-per-day rate. Output this year is estimated at approximately 14,000 oz.
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