Trading volumes for the junior mining issues slumped during the week ended April 16 as investors continued to wait out the recession. But in the meantime, Peat Resources announced the company is just inches away from securing private sector financing for its ambitious peat fuel project. Although President Leon LaPrairie would not mention any names, he said at least one major corporation has agreed to provide a portion of the seed capital for a $4.5-million pilot plant.
If testing produces positive results, Peat would then build a commercial plant to produce peat fuel as an alternative to coal. Peat was unchanged at 33 cents on thin volume.
Although results are still pending from the Sioux Narrows property near Kenora, Ont., Willingdon Resources picked up 15 cents this week to close at $1.75. In February, the company announced that it would resume drilling on the property to follow up narrow intersections of high-grade gold mineralization.
Canmine Resources, formerly Portfield Industries, has redeemed all of the companies preferred shares for $200,000. To raise the capital, Canmine issued one million common shares at 20 cents. Over $138,000 in debt was settled with the issuance of an additional 690,902 shares. Still listed as Portfield, the company gained 1 cents to close at 2 cents on a volume of 55,000.
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