Two agreements with NIM and Co., Ltd. Partnership — 1987, dealing with private placements of common shares on a flow-through basis, have been closed by Galveston Resources.
The agreements provide for the issuance of 360,000 flow-through shares at $8.33 per share, and 300,000 flow-through shares at $13.33 per share, netting Galveston $7 million. The company stands to gain a further $3.93 million upon exercise of warrants before Feb 12, 1988, for the issuance of an additional 180,000 flow-through shares at $9.33 per share and upon exercise of warrants before March 25, 1989, for the issuance of an additional 150,000 flow-through shares at $15 per share.
Galveston reports it is continuing negotiations with European financial institutions for the placement of shares or other securities to raise working capital.
Exploration and development work is progressing on properties in which Galveston holds or is earning interests in Ontario, Newfoundland and the Northwest Territories, and also in Nevada, the company reports.
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