A private placement of 7.2 million units priced at 25 cents each gives Welcome North Resources (VSE) working capital to fund acquisitions.
The company will seek shareholder approval for a 1-for-8 rollback of capital.
Including the private placement, Welcome North has about 20 million shares outstanding.
President Irene Wilson says the company will focus on advanced-stage projects, through either direct involvement or equity investments.
Welcome North has $700,000 in working capital.
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