First Dynasty completes financing

The securities commissions of Ontario, British Columbia and Alberta have approved the distribution of just over 4 million shares and 4 million warrants to purchase common shares of First Dynasty Mines (TSE).

The shares and warrants were placed privately earlier this year.

The warrants allow for the purchase of common shares of First Dynasty at $6 until Dec. 27, 1995, after which time they are exercisable at a price of $6.50 until June 27, 1996.

The proceeds will be partly used to reduce First Dynasty’s debt.