A 3,000-metre diamond drill program is under way on William Resources’ (ME) Clementine gold property in Grevet and Franquet twps., about 30 km north of Lebel sur Quevillon, Que.
The company has the option to acquire a 50% interest in the property from Lac Minerals (TSE) by completing a $250,000 exploration program before Dec. 31, 1994.
To finance the drill program, William has completed a private placement totalling $278,125 with 20 subscribers.
Under the placement, a total of 66 “A” units and 23 “B” units were subscribed at $3,125 each. One “A” unit includes 7,812 flow-through shares at 40 cents each and 2,000 warrants. Each warrant can be redeemed for one ordinary William share at 52 cents by April 1, 1994.
One “B” unit includes 10,417 ordinary shares at 30 cents each and 10,400 warrants. Each “B” unit warrant allows the holder to purchase one ordinary William share at 39 cents per share by April 1, 1994.
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