Patrician prints new shares

Having recently completed one equity financing, Patrician Consolidated Gold Mines (PXC-V) is forging ahead with a second.

The Ottawa-based junior has raised $120,000 by issuing 600,000 flow-through shares at 20 apiece. The shares are subject to a 4-month holding period.

Dundee Securities was paid $7,200 and granted 60,000 share-purchase warrants in return for brokering the deal. The warrants can be exercised at 20 each until late 2003.

The proposed financing is private and includes 1.5 million units, or possibly flow-through shares, priced at 20 each. A unit consists of a share and a warrant that can be exercised at 30 within two years of the deal’s closing.

Patrician has also granted 165,000 options to one of its directors. The options can be converted to shares at 20 each; they mature in five years.