Shares of Wheaton River Minerals (TSE), the first new junior mining company to be cleared for listing on The Toronto Stock Exchange this year, began trading recently at around 43 cents.
With 5.9 million shares issued and outstanding, Wheaton was formed to acquire the former Mount Skukum gold mine and mill near Whitehorse, Yukon, from AGIP Resources and Total Energold (TSE). Wheaton River is controlled by diamond explorer Glencairn Explorations (ASE).
An initial public offering of 2.5 million units consisting of 50 cents each has been underwritten by Yorkton Securities in Toronto. Each unit consists of one common share and half of one warrant to purchase a common share. The warrants are exercisable at 60 cents for eight months up to Feb. 28, 1992. In addition to Mount Skukum, Wheaton can earn up to a 50% undivided leasehold interest in the 440-acre G-2 copper sulphide property on Michigan’s Keweenaw Peninsula.
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