Montreal-listed Novamin Inc. says it was proceeding in the last two weeks of November to a private placement of its common shares with a maximum of 50 investors resident in the province of Ontario.
This placement is done through a limited partnership and consists of 50 units of the partnership at $36,000 per unit. Each unit is exchangeable between March 16 and April 15, 1987, into 9,000 common shares of the company.
The funding will be used to support exploration programs at the company’s Rundle gold property near Timmins, Ont., the O’Brien gold property near Cadillac, Que., and the Cadieux lead-zinc project new Renfrew, Ont.
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