MINING MARKETS AND INVESTMENT NEWS — GMD, La Teko among juniors engaged in financings

The following Vancouver-based juniors recently reported financings for their work programs.

* GMD Resources (GMD-V) has reached an agreement with several subscribers for a private placement of 1.7 million units at 68cents each, equivalent to $1.1 million in proceeds.

Each unit will consist of one share and one warrant entitling the owner to buy an additional share at 68cents in the first year and 78cents in the second.

Proceeds will be applied to the company’s Royce Group diamond claims, north of Yellowknife, N.W.T.

* The Vancouver Stock Exchange has accepted for filing a non-brokered private placement of just over 1 million units of International Panorama Resource (ilp-v) at 55cents each, for gross proceeds of $564,000.

Each unit consists of one share and a 2-year warrant allowing the owner to buy an additional share at 55cents in year one and 64cents in year two.

* La Teko Resources (LAO-V) has agreed to a private placement of 700,000 units at US85cents each, which translate into gross proceeds of US$595,000.

Each unit will consist of one common share and one warrant allowing for the purchase of a further share at US$1.05 in the first 12 months and at US$1.25 in the second 12 months.

* Rampton Resource (RMO-V) has amended a previously announced private placement by increasing the offering to 799,228 shares at 28cents each, for proceeds of $224,000.

Subscribers will each be granted a 2-year warrant allowing for the purchase of an additional share at 28cents in the first year and 38cents in the second.

* A private placement of 1 million units of Tan Range Exploration (TNX-A), subscribed by Minorca Resources (MAR-T) at a purchase price of 85cents per unit, has closed.

Each unit consists of one share and one warrant exercisable into an additional share at $1 within the first year, or $1.50 within the second.

* Abitibi Mining (ABB-V) has arranged a private placement of up to 1.3 million units, including 250,000 flow-through units, at 15cents each, for total proceeds of $195,000.

Each unit will consist of one share and one non-transferable warrant allowing for the purchase of an additional share at 15cents in year one and 20cents in year two.