Luxor Explorations private placement

COATS-listed Luxor Explorations has announced a private placement issue for an aggregate consideration of $238,464. Under the terms of the placement, Luxor issued 1,028,858 common shares and a share purchase warrant entitling the bearer to purchase 500,000 common shares at 25 cents per share, before January, 1991.

After using the proceeds to repay debts totalling $113,464.50, Toronto-based Luxor is debt-free and equipped with working capital of approximately $100,000.