Quebec Sturgeon tables placement

Quebec Sturgeon River Mines (TSE) says it has completed an $850,000 private placement of 10% convertible debentures. The company says interest on the debentures, due March 1, 1996, is payable semi-annually. Payment may be made in cash or by the issuance of previously unissued Quebec Sturgeon shares based on their weighted average price on the 20 days prior to the date of interest payment.

Debentures are convertible at the option of the holder into 33,333 shares per $50,000 debenture, the equivalent of $1.50 per share.

Quebec Sturgeon says the proceeds of the placement are to be used to provide additional working capital for the issuing corporation and its subsidiaries.