Cumberland gets $1.3m

Cumberland Resources (cbd-t) has closed a private placement for 1.2 million units that will bring in about $1.3 million for work at the Meadowbank gold project in Nunavut.

A million of the units are being taken up by CMP 2000 Limited Partnership and the remaining 182,000 by an individual investor not related to the company. Each unit is a flow-through share with half a purchase warrant attached. A whole warrant can be exercised to buy a single common share at $1.20 during the first year, or $1.50 during the second year, after which it expires.