Euro-Nevada Mining approves placement

The directors of Euro-Nevada Mining (TSE) have approved an $8- million(US) placement of 6 1/2% exchangeable debentures of its wholly- owned subsidiary, Euro-Nevada Mining Corp. Inc. to European investors.

Due on May 1, 1994, the debentures can be exchanged for 1,250,000 Euro-Nevada common shares at a rate of 156.25 common shares for each $1,000 of principal.

The debentures will be non- callable before May 1, 1991, and redeemable afterwards at par value plus accrued interest.

Under the terms of the placement, the investors will receive common share purchase warrants to buy an additional 800,000 Euro- Nevada common shares exercisable until May 1, 1990, at $8 per share.

Proceeds will be used to finance Euro-Nevada’s Nevada-area royalty acquisition strategy, the company said.