Aiming for proceeds of $109,620 Tyranex Gold (COATS) is offering one right for every common share held as of Sept. 28. Until Oct. 22, when the rights expire, holders will be entitled to subscribe for one common share on the basis of four rights plus 24 cents.
Tyranex intends to use the proceeds from the offer to repay short-term debt, cover legal, accounting, audit and travel costs and finance exploration on the Tyranite mine project, 12 miles west of Gowganda, Ont.
The Tyranite gold mine, with preliminary reserves of 526,000 tons grading 0.20 oz. per ton, is set to reopen this year.
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