Toronto-based WisCan Resources (TSE) said recently it has filed an exchange offering prospectus for the distribution of units to raise $1-2 million for its Wisconsin joint venture with Noranda (TSE).
WisCan says each unit will consist of one common share and one Series C warrant of the corporation.
The warrants will entitle the holder to acquire one common share for one year, according to WisCan, which can earn a 50% stake in 17,000 acres in Wisconsin’s Rhinelander/Ladysmith Greenstone belt. To earn the interest, WisCan must spend US$7.5 million by October, 1995, or US$2.5 million on each of two base metal and one gold properties. WisCan says the offering price won’t be less than the closing price of the common shares on The Toronto Exchange on the last day before the offering date. They traded recently in the 35-40-cent range.
WisCan was formed recently to hold the assets of Moss-Power Resources and to earn an interest in the Wisconsinproperties where Noranda has outlined in excess of 40 drill targets.
Acting as WisCan’s agents in the offering are Toronto-based Loewen, Ondaatje, McCutcheon & Co. Ltd. and L.O.M. Western Securities Ltd.
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