Spirit Lake Explorations (ME) of Toronto says it has finalized a flow-through share financing with Q-Vest 1989 Mining Exploration of Montreal for $225,000 at $1.85 per share. In addition, private placement agreements have been approved in principle for $300,000 with warrants attached exercisable within 12 months at a total exercise price of $360,000.
Pending regulatory approval, proceeds will go toward the company’s Edwards gold property northeast of Wawa, Ont., where a 12,000-ft. winter drilling program is under way.
Having demonstrated continuity between several high-grading drill holes, Spirit Lake is attempting to block out about 100,000 tons of reserves before deciding whether or not a mining operation is possible. .n16
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