More than $400,000 was raised recently by Ecudor Inc. of Rouyn- Noranda, Que., through a private placement of shares and warrants with the president of the company, Serge Sejourne.
The placement comprised slightly more than one million shares at 38 cents per share and the same number of warrants exercisable at 44 cents per warrant during the first six- month period and 49 cents during the next six-month period.
The company says it intends to use the proceeds to finance part of its gold exploration and development activities in northwestern Quebec and for general corporate purposes.
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