An issue of 700,000 common shares was recently completed by Viceroy Resources (TSE) at $4.75 per share. Net proceeds from the issue were $3.025 million.
Viceroy has received no appeals against the record of decision issued by the United States Bureau of Land Management which gave the go- ahead for the company’s Castle Mountain heap leach gold project in California.
The 30-day appeal period is now over and the company can move ahead with construction.
The company expects to obtain full project financing of US$50 million early in the new year and begin construction shortly thereafter.
The mine is expected to be completed by the end of 1991.
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