An unsecured debt financing will provide
In late January, Aquiline agreed to pay US$2 million to
Calcatreu is considered prospective for low-sulphidation epithermal gold deposits similar to the El Disquite project of
Aquiline is required to spend US$500,000 on exploration over the option period.
Newmont retains a 2.5% net smelter return royalty and a back-in right for a 60% interest, though the right excludes the three claims in which the 49 vein system is found. Should it exercise its right, the company must spend three times what Aquiline had spent on exploration.
The proposed private placement comprises US$150,000 worth of convertible debentures bearing interest of 9.75% annually and maturing at the end of 2005. The deal is related to an earlier one in which Acquiline agreed to sell 1.5 million units at 25 apiece, for gross proceeds of $375,000. A unit consists of a share and a half- warrant, with a full warrant entitling the holder to buy a share at 35 for two years following the deal’s closing.
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