MINING MARKETS & INVESTMENT NEWS — Bolivar issues warrants

Toronto-based Bolivar Goldfields (BVG-T) has completed a private placement of 1.5 million units priced at 40 cents each.

A unit consists of one share and half a share warrant. One whole warrant allows the holder to buy one share of Bolivar at 50 cents for 18 months.

An additional 30,000 broker warrants were also issued, providing for the issuance of 30,000 shares and 15,000 warrants upon the payment of 40 cents per broker warrant.

The $555,000 in proceeds will be used to acquire new equipment in an attempt to boost production at the Tomi gold mine in Venezuela.

During the second quarter, the company’s Revemin plant processed 105,692 tonnes of ore from the Tomi mine, averaging 4.78 grams gold per tonne. From this material, 14,627 oz. were extracted.