Western Quebec raises $600,000

Posted By: Northern Miner Staff October 5, 1992

To increase working capital, Western Quebec Mines (TSE) has arranged a private placement with four investors for proceeds of $600,0000.

The placement consists of 15-month promissory notes at 9% and 240,000 warrants to purchase shares at $1.

Western Quebec expects to produce 17,500 oz. gold from its Val d’Or property during the next 15 months for a positive cash flow of $2 million.