LATIN AMERICA — Greenstone arranges financing

Toronto-based Greenstone Resources (TSE) has made arrangements with Middlefield International of London, England, for a $4-million offering to finance developments at its Latin American gold projects.

The offering consists of units comprised of one common share of Greenstone and one-half of a share purchase warrant priced at US$1.35 per unit. European institutions that are expected to participate in the offering can exchange the warrants for one Greenstone common share at US$1.55 in the two years after closing.

Proceeds will go toward a feasibility study at the Libertad gold project in Nicaragua and to fund development costs at the Recio project in Costa Rica and Santa Rosa property in Panama, said Chairman Jim Anthony. Anthony said he expects the company’s Oronorte mine in Columbia to produce about 15,000 oz. of the yellow metal this year.