The issue of rights to its holders of common shares for the sub- scription of flow-through shares amounting to $1.3 million will not proceed, Louvem Mines (TSE) reports.
Instead, the company has accepted a flow-through financing (subject to regulatory approval) worth $350,000 from CMP 1988 III Resources Partnership and Co. Ltd. CMP has been granted 437,500 shares at 80 each, the deal contingent upon the completion of certain exploration work, mainly on the Louvicourt property in northwestern Quebec where a $1-million exploration program (managed by Aur Resources) is under way. .N19
** Metal prices help pull commodity index down **
A decrease of 4.9% in the metals and minerals index in September contributed to a fall in Scotiabank’s all-commodity price index from the previous month.
The over-all index was down 2.3%, the third monthly decline in a row; energy and agricultural prices were also lower. Bank economist Patricia Mohr said current trends point to a rebound in the over-all index in October.
Lower aluminum and nickel prices helped bring the metals and minerals index down. Fabricators breathed easier following labor settlements at Alcan and Falcon- bridge. And with oil prices also falling, concern eased over possible higher inflation in the United States, which in turn softened the run on metals as a hedge against inflation.
The all-commodity index tracks export prices of a variety of Canadian commodities, which are weighted according to their 1984 export values.
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