An agreement has been concluded between MSV Resources (ME) and Soquem whereby the latter will make a $1.2-million private placement to explore the Copper Rand and Portage properties in Chibougamau, Que.
Soquem will acquire 450,000 class A shares of MSV at $1.04 per share to raise $468,000. Soquem will receive an equivalent number of warrants exchangeable for MSV shares at $1.35 per share for 18 months. Soquem will be obliged to exercise all the warrants if the price of MSV shares is $1.35 or greater as of June 14, 1994.
Previously, Soquem subscribed to a private placement of $140,000 to fund work on MSV’s Eastmain property in northern Quebec.
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