Pentland receives financing proceeds

Alberta-listed Pentland Firth Ventures has received final receipts from a prospectus offering of 4 million units at $1.10 each.

Each unit consists of one Pentland share and one-half a warrant. Each whole warrant entitles the holder to acquire one additional share at an exercise price of $1.25 prior to Jan. 6, 1996.

Upon completion of the public offering, Pentland’s major shareholder, Kinross Gold, will hold a 38% interest. Net proceeds from the sale will be used to finance ongoing gold exploration programs.