Alberta-listed Patrician Gold Mines has completed an initial public offering valued at $1.6 million.
The financing consists of 1.6 million units, with each unit consisting of one common share and a common share purchase warrant. A warrant enables the holder to buy a common share until Aug. 16, 1996, for $1.25. The company has completed another financing, worth up to $3 million, bringing the total amount raised to $4.6 million. The funds will be used to explore two projects in Ghana and Tanzania.
In Ghana, Patrician has completed preliminary geochemical sampling on its Tabrakuso licence in the southern part of the country, 15 miles west of the Obuasi mine. The company has investigated several old workings on the property and taken 169 samples. Additional work is planned.. In Tanzania, Patrician has cut a grid on the Ikungu licence. Geochemical sampling, mapping and diamond drilling are to be carried out in upcoming weeks.
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