Hemlo Gold reports it has privately acquired one million Windarra common shares and one million flow-through units consisting of one million shares and 500,000 warrants exercisable within 18 months. Upon exercise of the warrants, Hemlo Gold will own 6,150,000 shares of Windarra, or 30.4% of its shares on a fully diluted basis. Hemlo Gold Vice-president Wilson Barbour said the shares and warrants have been acquired off- market for investment purposes.
The purchase price of the units was not disclosed. Hemlo Gold also reports it acquired 150,000 shares of Windarra on The Toronto Stock Exchange during the past nine months.
Windarra holds a 25% interest in the recently opened Magnacon gold mine in northern Ontario’s Mishibishu Lake gold camp, and a 50% interest in an adjacent property. The company also has a 20% interest in the Preview Lake project in the La Ronge gold belt of northern Saskatchewan.
Shares of Windarra have traded recently at 65 cents on The Toronto Stock Exchange.
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