Cumberland finances work

Junior Cumberland Resources (CBD-T) has closed a non-brokered private placement of 1.5 million units priced at $1.70 each for net proceeds of $2.4 million.

Resource Capital Fund subscribed to 1 million units, Casualty Continental Co. bought 400,000 units, and Peripatetic Investments took 60,000.

A unit consists of one share and one non-transferable warrant. Two warrants entitle the holder to buy an additional share at $1.90 until Dec. 31, 2000, subject to adjustment in certain circumstances.

Cumberland also closed a brokered portion of a private placement through Yorkton Securities to net the company an additional $490,000. Proceeds will be used to advance the Meadowbank gold project in the Northwest Territories.