Vancouver-based Aurizon Mines (TSE) reported purchasing 247,500 shares of junior mining company Argosy Resources (VSE) for $99,000 (40 cents per share) in a private placement.
Attached to each share is a non-transferable warrant; two warrants entitle Aurizon to buy one additional Argosy share at 60 cents per share during a 2-year period.
Aurizon said Argosy, which has about one million shares issued, is negotiating a reverse takeover of Motion Works, a personal computer software development company based in Vancouver.
For the first six months of 1991, Aurizon recorded net earnings of $21.4 million compared to a loss of $26.5 million for the same period last year. The company produced 11,571 oz. gold during the first half of the year; operations at its Sleeping Giant mine north of Amos, Que., were suspended May 20. The Sleeping Giant property is currently undergoing exploration by Cambior (TSE) under an agreement whereby Cambior may earn a 50% interest in the mine
property.
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