It’s that time in the gold cycle when IPOs start to sprout up. This month,
Based in Val-d’Or, Metanor is presided over by Serge Roy, and its board consists of Roy, Marie-Louis Roy, Ghislain Morin, Yves Gagnon and Francine Gaudreault. Andre Tremblay is the vice-president of exploration.
The company recently raised $3 million by placing 3 millions units, each of which consists of a share and a warrant entitling its holder to buy another share for $1.30 before Dec. 16, 2004.
Canaccord Capital acted as agent and received a 10% fee plus 300,000 broker warrants exercisable into shares at $1 within a year. There is also a small over-allotment option.
Not counting any over-allotment, Metanor now has 9.6 million shares and 3 million warrants issued and outstanding.
Proceeds will be used to explore the 14-claim Dubuisson gold property, within the city limits of Val d’Or. Metanor gained the asset in April 2003 as a result of acquiring privately held Ressources Pyrinor in return for 6 million of its shares.
The property has been explored and mined intermittently since the 1920s. More recently, exploration of the gold-bearing zone 5 has delineated a near-vertical, east-west-trending quartz-vein structure measuring 700 metres long by 3-5 metres wide.
Almost a million dollars has been spent at the property since 2001, resulting in a measured and indicated resource of 115,076 tonnes grading 4.15 grams gold (or 15,430 contained onces), plus 3.2 million inferred tonnes at the same grade (433,000 contained ounces) in the inferred category.
In the same region, Metanor owns the Vassan gold property, though no work is planned there in the coming year.
On Dec. 11, its first day of trading, Metanor shares ended the day up 10% to $1.10, whereas the warrants closed up 20 at 25.
Be the first to comment on "Quebec’s Metanor makes trading debut"