A private placement of treasury shares will be used to redeem a promissory note of $600,000, in part to provide funds for further exploration of the McKenzie Break gold property in northwestern Quebec, Western Quebec Mines (TSE) reports.
The placement involves 650,000 shares. The shares are priced at $2.10 each for insiders and $2 each for non-insiders. Two warrants will entitle insiders to buy one share for $2.65; two warrants will entitle non-insiders to buy one share for $2.50. (Purchasers Alexander Christ, John Gray and Murray Pollitt are the insiders involved.)
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