Toronto-based NSR Resources has entered into an agreement with Middlefield Resources Ltd. to raise 2.8 million for its share of an exploration program on the Rand Malartic gold property in Fourniere Twp., Que.
According to NSR President Ross Abbott, the balance of the $4.4 million exploration program will be funded by the company’s joint venture partner, Cogesco Mining Resources, which holds a 36.8% interest in the property.
The agreement is subject to regulatory and shareholder approval and the funds will be raised by private placement issue of up to 4.4 million flow-through shares to individual, corporate or limited partnership investors.
Mr Abbott said the funds will be utilized for continuing surface and underground exploration at the property and the company intends to seek shareholder approval for the share issue at its annual shareholders meeting in late June.
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