Consolidated Professor (TSE) is issuing rights allowing shareholders to buy more than 3.5 million shares in the company.
Shareholders of record on Jan. 26 will be issued one right for each common share held. Four rights and 40 cents will allow the holder to buy one common share.
Conwest Exploration (TSE), which owns 34.1% of Consolidated, has agreed to subscribe to its portion of the new shares, as well as buy any unsubscribed shares.
Consolidated owns the Duport gold project, near Kenora, Ont., which has a defined geological mineral inventory of 2 million tonnes averaging 0.35 oz. gold per ton. Production is forecast to be 45,000 oz. per year. The rights will trade on the Toronto Stock Exchange from Jan. 20 until Feb. 17.
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