Two agreements to finance exploration programs for 1987 have been signed by Cambior Inc.
The first contract is with CMP 1987 (Quebec) Resource Partnership and Co. Ltd., for the financing of exploration expenditures for $10 million, and the second is with CMP (1987) Resource Partnership and Co. Ltd., for $5 million.
The exploration programs will cover the period from February of this year to Feb 29, 1988.
During the year, Cambior, following the renunciation of exploration expenditures for the benefit of the two partnerships mentioned above, will issue, concurrently, common shares. The company expects that approximately 315,265, shares will be issued between March of this year and March, 1988.
This private placement is subject to regulatory approval.
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