Chinese invest in All-North

The China International Trust & Investment Corporation, the foreign investment arm of the Chinese government, has made what appears to be a precedent setting investment. The investment bank has taken down 181,818 flow-through shares of All-North Resources (VSE), which is an affiliate of Galactic Resources (TSE). The private placement has a value of $600,000.

This is the first such deal where a Chinese government agency has taken an equity position in a junior Canadian resource company. All-North’s main asset is the Wellgreen platinum group metals property in the Yukon.

Galactic has an interest in a large polymetallic copper-gold deposit in the Philippines which the Chinese have expressed an interest in, Jean Nantel, an officer with All-North told The Northern Miner. “We see this hopefully, as a first step” in an on-going relationship, Nantel explained.