Junior
The private placement consists of 1 million units priced at 20 cents each. A unit consists of one share and one non-transferable warrant entitling the owner to buy an additional share at 20 cents during the first year, or at 25 cents in the second.
Hyder can earn an initial 51% interest in the property from Rimfire Minerals by spending $1.3 million on exploration and making total payments of $230,000 in cash and 200,000 shares by Dec. 31, 2001. The interest can be increased to 70% in return for an additional payment of $1 million.
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