International Musto Explorations (VSE) has issued for sale 2,594,111 common shares at a price of $2.25 to raise $5,836,749.75.
The net proceeds of the offering will be used to repay bank debt and fund completion of a feasibility study on the company’s Bajo de la Alumbrera copper-gold porphyry deposit in northwestern Argentina. The deposit contains proven and possible reserves of 337 million tonnes grading 0.53% copper and 0.7 grams gold per tonne (T.N.M., Sept. 7/92). Completion of the feasibility study is expected by mid-1993.
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