Metallica completes acquisition, financing

Having completed a 1-for-7 share consolidation and a name change, Metallica Resources (CDN) — formerly Burgess Point Resources — has acquired Venezuelan Mineral Development Corp. (Vencorp).

Vencorp holds options to acquire exploration concessions totaling 15,750 acres in four Venezuelan gold districts: Kilometre 88, El Callao, El Dorado and Anacoco.

Vencorp has sold a 1% gross production royalty to Euro-Nevada Mining (TSE) on Venezuelan concessions it now holds and on those it may acquire, until Dec. 10, 1996, for $200,000. The company has also given Euro the option to acquire an additional 1% gross production royalty for $500,000.

In other news, Metallica has completed a $2.9-million financing by issuing 1.7 million units at $1.75 each. A unit consists of one common share and a half warrant, with each whole warrant entitling the holder to buy another common share until Jan. 31 for $2.50.

Metallica has 7.6 million shares outstanding.

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