Former Metalore Resources (TSE) geologist Barbara Kowalski has successfully launched a new junior exploration company with a mandate to develop three claim groups near Beardmore in northern Ontario.
Shares of Founder Resources (VSE) began trading in Vancouver Nov. 4, after the company raised $409,000 from an initial public offering consisting of 910,000 units priced at 45 each.
The units consisted of one share and one-half of a share purchase warrant exercisable at 60 by Feb. 19, 1992.
Because the initial offering underwritten by Pacific International Securities and Jones Gable & Co. was over-allotted by 136,500 units, the underwriters have been granted the right to purchase the same number of units at 45 each until Dec. 31.
In addition, Jones Gable can buy two-thirds of the 91,000 shares optioned to the underwriters for 45 until Nov. 2, 1992 and 52 by Nov. 1, 1993, while Pacific International can obtain the remaining one-third.
There are currently 2.6 million Founder Resources shares issued and outstanding including just over one million held in escrow.
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