Toronto-based International Platinum (TSE) has arranged a $500,000 convertible debenture financing with a European financial institution. The funds will be used for general corporate purposes and to finance the company’s share of exploration expenses on the Goodfish gold property near Kirkland Lake, Ont., and the Duluth platinum project.
International Platinum is operator of the Goodfish gold project where it has an option to earn a 51% interest in the property from Glencairn Explorations (ASE) by drilling a minimum of 10,000 ft. over an 18-month period. One intersection averaging 0.26 oz. gold per ton across 90 ft. was reported from the Goodfish property in March.
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