Vancouver-listed Quartz Mountain Gold has completed a private placement with four European institutional investors for 1 million units at $5.625 per unit, the company said recently.
Quartz said proceeds will fund exploration at the eastern portion of the Quartz Mtn. property in Lake Cty. Oregon, for future acquisitions and other corporate purposes.
According to Quartz, each unit consists of one common share and one non-transferable share purchase warrant. Under the terms of the placement, two share purchase warrants entitle the holder to buy one common share at $8.875 by April 1, 1988.
A finders fee of $281,250 is payable by Quartz Mtn. in connection with the unit placement.
Following the conversion of a promissary note on Oct 8, the company has also issued 600,000 shares to make a final payment for Diamond Head Mines Ltd.
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