Placer Dome (TSE) has purchased another 1.4 million common shares of VSM Exploration (TSE) at a price of $1.07 per share. The acquisition increases Placer Dome’s interest in the junior from 50.7% to 54%.
Proceeds of the private placement will be used to finance ongoing exploration, including further work on the Grevet zinc-copper-silver property north of Val d’Or, Que. About 25 holes are expected to test the Orphee and 97 zones at Grevet for strike and depth extensions.
Grevet is a 50-50 joint venture between VSM and Serem Quebec, a subsidiary of France-based Serem S.A.
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