Ontex financing for court appeal (July 13, 1992)

Directors of Toronto junior Ontex Resources (ASE) have given the green light to a $300,000 private placement financing consisting of 600,000 common shares priced at 50 cents each.

Subject to regulatory approval, proceeds are earmarked for general corporate purposes and to allow Ontex to defend itself against Metalore Resources’ (TSE) appeal of a ruling on the Beardmore, Ont., gold property.

In December, 1990, the Supreme Court of Ontario awarded Ontex a 100% interest in 471 claims, including the 18-claim Brookbank property after Metalore withheld information on drill results.