NEWS ROUNDUP — Freewest raises $7 million

To help finance its share of the Holloway gold project in northeastern Ontario, Freewest Resources (TSE) has negotiated a $7-million private placement of 2.5 million special warrants with Pollitt, Bertrand & Company.

The special warrants, to be issued for $2.80 each, will be convertible into common shares of Freewest until July 20, 1994. Almost half of the placement (1.1 million warrants) will be held in escrow pending shareholder approval. Freewest has a 33.9% interest in the Holloway project, where an underground program to validate resrves is under way.