Diamond explorer Mountain Province Mining (MPV-V) expects to raise up to $15 million through a private placement of just over 3 million special warrants priced at $4.90 each.
A special warrant will be exercisable into one common share and half a warrant. A whole warrant entitles the holder to buy one additional common share at $5.75 until Dec. 31, 1997.
Just over 1 million of the common shares issuable in respect to the special warrants will be designated as flow-through units.
Proceeds will be used to finance an underground bulk sample of the 5034 kimberlite, and to explore the AK and CJ claim blocks in the Northwest Territories.
The AK-CJ property is held 50% by Mountain Province, 40% by Glenmore Highlands (GMH-A) and 10% by Camphor Ventures (CFV-V).
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