Minera gets prospectus receipt

The Ontario Securities Commission has issued a receipt for a final prospectus of 8 million special warrants of Minera Rayrock (TSE).

Proceeds from the sale will be about $20 million, which Minera will use to conduct exploration and feasibility studies on properties in South and Central America.

The Ivan copper project in Chile is slated to start producing in the third quarter at 22 million lb. copper cathode per year.

Minera is also working its Bellavista gold deposit in Costa Rica. The special warrants will consist of 8 million subordinate voting shares and 4 million subordinate voting share purchase warrants. Once they are exercised, Minera will have almost 36.5 million subordinate voting shares and 13.4 million multiple voting shares outstanding. Rayrock Yellowknife Resources (TSE) will have a 38.1% equity interest and a 57% voting interest in Minera.