LAST BUT NOT LEAST….Bruneau raises $540,000

Montreal-based Bruneau Minerals (ME) has raised $540,000 through two private placements.

One placement raised $450,000, of which the company plans to spend $360,000 exploring three properties in Quebec: a 3-claim kaolin property near St. Jovite, the Allard River gold property in Demazures Twp. and the Turgeon Lake gold property in Casa Berardi and Laberge twps.

Bruneau has optioned from Canada Tungsten (TSE) the remaining 49% interest in the Allard River and Turgeon Lake properties. To do so, it has agreed to issue 350,000 shares over three years and pay a 1.5% net smelter return royalty.

The other private placement raised $90,000. Bruneau plans to issue 1.5 million shares at 35 cents, of which 257,143 will be issued to SOQUEM, the Quebec Crown mining exploration company. In addition, SOQUEM will receive 257,143 warrants which will allow it to subscribe to an equal number of shares at 45.5 cents each.