American Bullion Minerals (VSE) has raised $5 million to explore and develop its Red Chris porphyry copper-gold project in northwestern British Columbia.
The funds came from a brokered private placement of 2.5 million flow-through units at $2 each.
Earlier this year, the company agreed to acquire an 80% interest in the property from Falconbridge and Norcen Energy Resources (TSE). Consideration includes a $138,000 downpayment, 660,000 units of American Bullion and a $160,000 option payment due in six months.
Teck (TSE) retains a 10% participating and a 10% carried interest in Red Chris. Upon completion of a feasibility study, Teck can boost its stake to 55% by providing all future financing to bring the property into production. American Bullion would then be left with a 45% carried interest.
Be the first to comment on "NEWS ROUNDUP — American Bullion to explore Red Chris"