Montreal-based Louvem Mines (TSE), a subsidiary of St. Genevieve Resources (TSE), has completed a $700,000 private placement with a group of four investors.
Pursuant to the placement, Louvem will issue 3.5 million units at 20 cents per unit. Each unit consists of one common share and half a warrant to buy a share at 30 cents until April 27, 1994.
Louvem recently signed an option to acquire a 50% interest in three contiguous mining concessions along the Peruvian coast from Minera Maritima of Peru. The Canadian junior has agreed to finance US$25,000 in surface sampling on the concessions’ black sand deposit, which contains gold, tungsten (wolframite) and titanium.
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