Joutel Resources (TSE) has sold nine million units at 45 cents through a group of underwriters led by Gordon Capital. The sale closed Nov. 25.
Each unit consists of one subordinate voting share and one quarter warrant. The exercise price of a full warrant is 60 cents; the warrants will expire June 30, 1995.
Proceeds will be used to explore Joutel’s Cuban base and precious metal properties, which cover more than 1.2 million acres. Airborne geophysics, ground prospecting and diamond drilling are to start in January.
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