The shares of McAdam Resources are now listed on the Toronto Stock Exchange; the company’s trading symbol is MMM.
The company has successfully completed a rights issue undertaken by Merit Investment Corp. The rights issue was oversubscribed, meaning the company has received the maximum allowable pursuant to the offering of $411,953. These funds will be used for working capital purposes and are in addition to a $300,000 funding agreement with Muscocho Explorations.
The Muscocho funding will be used for further exploration on the Spud Valley gold project where the 1985 program yielded success, McAdam says. Planned for 1986 is a diamond drill-intensive campaign to systematically test the four promising zones. The diamond drilling campaign will begin as soon as a drill rig can be mobilized to the property.
McAdam owns the Spud Valley gold property on Vancouver Island, a former gold producer. A preliminary ore reserve estimate for the property indicates there is 429,000 tons of proven, probable and possible ore grading 0.25 oz gold per ton, McAdam says.
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