Deak to raise $1.39 million

Subject to regulatory approval, Deak International Resources Holdings is to subscribe for a $1.39-million debenture convertible into 1,930,555 common shares of Deak Resources. Upon conversion of the debenture, Deak Holdings will have increased its stake in Deak Resources to 6,485,961 common shares, or 67.1% of the latter company’s issued stock. The holding company said it has agreed to subscribe for this debenture for investment purposes.

Toronto-based Deak Resources has 18 base and precious metal properties, many of which are in the heart of the Rouyn-Noranda mining camp.

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