Taylor Rand, Polyore to merge

Taylor Rand, an affiliate of Madison Grant Resources (CDN), has agreed to amalgamate with Polyore Capital (CDN).

Taylor Rand and Polyore shareholders will be able to exchange their shares with the new company on a share-for-share basis.

In addition, Taylor Rand shareholders will receive one warrant for every share exchanged, and four warrants plus $1 can be redeemed for a share in the new company for a 2-year period.

Polyore has completed a private placement of 1.8 million units resulting in proceeds of $180,000 with an additional $180,000 anticipated within 60 days upon the exercising of warrants. The funding will enable the new company to reactivate the U.S. Grant mining project near Virginia City, Mont. The new company, to be known as Taylor Rand Inc., will have 11.3 million shares outstanding plus the unexercised warrants.