Further work on the Tulsequah Chief and Big Bull properties in northwestern British Columbia is being financed through a $5-million private placement through Goepel Shields & Partners.
The placement includes 1.82 million special warrants at $2.75 each and is scheduled to close June 22. The special warrants are convertible into one common share and property-owner Redfern Resources (TSE) is filing a prospectus to qualify the issue of the shares on or before Oct. 31. The company expects receipt of the prospectus to be acknowledged before the end of October. But if it is not, the special warrants will be convertible into one common share and a fraction of a purchase warrant. Furthermore, if receipt is not acknowledged by the end of the year, the special warrants will be convertible into one share and one full warrant exercisable at $3.10 until June 30, 1995.
Redfern plans to use the funds to explore and develop the two properties. No budget has been set. but President John Greig said at least $3 million will be spent this year on geophysical surveying, further underground drilling on Tulsequah and surface drilling on Big Bull.
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