Alberta-listed Royal Oak Resources has entered into a flow- through private placement agreement with CMP 1987 Resource Partnership and Company Ltd. for proceeds of $325,000.
As qualifying expenditures are incurred and renounced in favor of the fund, Royal Oak will issue common shares to CMP at a premium above the present market.
The money will be primarily directed to the company’s Maylac mine located about three miles north of Geraldton in the Thunder Bay mining area of Ontario.
Last month the company started dewatering its 425-ft shaft and four exploration levels.
An extensive program of detailed sampling and remapping is planned now to evaluate the potential for stratabound ore deposits. As well, surface drilling of previously untested targets south of the existing shaft are planned to start before the end of the month.
Royal Oak is 50% controlled by Commerical Oil and Gas.
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