A flow-through financing agreement worth $435,000 has been reached between Kewagama Gold Mines (Quebec) (ME) and CMP 1988 III Resource Partnership and Co., Ltd. Under the agreement, shares will be issued at $1.65 each. Kewagama must spend the money before March 1, 1989.
Kewagama reports it will use the funds for continued exploration at its Granada property following the dewatering and rehabilitation program undertaken there earlier this year.
In other news, the company reports it is seeking shareholder approval to acquire all of the shares of National Mineral Corp., which holds interests in lead-zinc property in Wales.
Last December, control (48.3%) of Kewagama passed to a numbered company, 731599 Ontario Ltd. President of Kewagama is Norman Brewster.
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