Orofino completes flow-through issue

Toronto-based Orofino Resources has completed a flow-through share issue to raise $3.2 million to fund exploration and development of the company’s existing properties.

Orofino says it realized $2.2 million from selling 823 units at $2,650 each. Each unit consisted of 1,000 flow-through common shares and 1,000 common shares.

The company also sold $1 million of a 7% convertible subordinated debenture, convertible to common shares at $1.40 per share.

Orofino recently started mining its Scadding property near Sudbury, Ont. where about 28,800 oz gold could be produced over the next 2-3 years. Underground exploration has started at the Swayze project 60 miles southwest of Timmins. As reported (N.M. March 16/87) the company is currently driving a decline ramp at Swayze to confirm continuity of reserves which stand at 243,000 tons of 0.24 oz gold per ton.