A rights offering of common shares and warrants has been completed by Inter-Rock Gold (ME). The company received proceeds of about $725,000 after related expenses and fees.
Under the offering, each shareholder received one right for each common share held. Six rights entitled the holder to subscribe to one Inter-Rock unit consisting of one share and one warrant at 60 cents per unit. Two warrants can be exchanged for one common share on or before Jan. 31, 1994, at 75 cents each. If all warrants are exercised, an additional $572,000 will be raised.
Most of the proceeds will finance drilling and property payments on the Daisy gold property in Nevada.
Drilling is expected to begin shortly on Daisy where one gold deposit, which is amenable to heap leaching, has already been delineated.
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