Baroque arranges private placements

Private placements for $700,000 have been arranged by Vancouver- listed Baroque Resources.

Of that amount, $350,000 is with CMP 1987 Resource Partnership and Company, Ltd. and $350,000 is with CMP 1987 (Quebec) Resource Partnership and Company, Ltd.

The private placements each consist of 530,000 flow-through shares priced at 66 cents per share.

The company has agreed to pay a 10% finders fee representative of 137,255 shares at a deemed value of 51 cents per share for arranging the placements. The private placements and finder’s fee are subject to regulatory approval.

The funds are intended for the company’s exploration program this year and will be spent on the Miminiska project in the Thunder Bay mining district as well as additional work in Enraljan Twp. in the Casa Berardi area of Quebec.

Baroque has an option from Homestake Mineral Development Co. to acquire a 51% interest in the Miminiska Lake project by spending $2.6 million. Phase one, diamond drilling costing $350,000, is under way.

At the Casa Berardi project, in excess of $500,000 was spent on geophysics and reverse circulation drilling last summer. Phase two, consisting of 5,500 ft of diamond drilling at an estimated cost of $300,000, is expected to start in March.