The purchase of a $2.1-million note (Series 2) from United Coin Mines (TSE), the final instalment of tranche 2 of a commitment to acquire up to $9.6 million of United’s 11% notes, was recently completed by Wharf Resources (TSE).
The notes are convertible into common shares of United at $2.92 per share and on conversion would represent about 3.4 million shares, or a 21% interest in the company.
Wharf also completed the purchase by private transaction of 1.4 million shares of United from the Helmsman group of Sydney, Australia. Combined, the Helmsman shares and conversion of the 11% notes would give Wharf a 30% interest in United.
United, formerly known as Coin Lake Gold Mines, owns two-thirds of the producing Golden Reward heap leach gold project in South Dakota, adjacent to Wharf’s producing gold property.
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