An exploration agreement has been entered into between Perron Gold Mines and emq (1987) Exploration and Co. Ltd. Partnership whereby Perron will receive $1.05 million in return for 350,000 flow- through shares.
Perron, a member of the Hughes- Lang group, reports a proposed private placement announced earlier this month with eqc (1987) Exploration and Co. Ltd. Partnership will not take place.
In other news, Perron reports it has arranged a private placement with a group of companies with common management for the issue of 2.75 million shares at $2.20 per share. Attached to each share is a non-transferable share purchase warrant entitling the holder to purchase an additional share within 12 months at $2.45 per share.
Perron says proceeds of the private placement will be used for general working capital and to fund further work on the Soissons property in northwestern Quebec.
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