A numbered Ontario company has agreed to underwrite private placements of MacDonald Mines Exploration (CDN).
The placements will be in the form of treasury shares and warrants and will be worth up to $3 million.
MacDonald is also applying to have its shares listed on an unnamed Canadian stock exchange.
The Cuban government has advised the company that its joint venture with Geominera S.A., a Cuban state entity, is to take effect before April. The project is in the 2,000-sq.-km Florencia-Jobabo region, where several copper and gold occurrences are known to exist.
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