Funds raised in a rights offering will be used by Killick Gold for a drilling program on its 18,000-acre Adams Plateau claim group near Kamloops, B.C.
The company is seeking $118,000 by offering each shareholder the right to purchase one share at 15 cents for each five shares now held. The offer is subject to regulatory approval.
An 18,000-ft drill program has been recommended for the property and discussions on optioning the claims are taking place with several mining companies, President C. Kane reports. Meanwhile, he says, the company is taking the initiative by undertaking 2,250 ft of drilling in areas of good precious metal values.
A rights offering to shareholders in 1986 was fully subscribed and funds were used for a pilot silver- lead-zinc gold flotation concentrator. The concentrator will process stockpiled ore in 1988 and a modest cash flow is anticipated.
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