Fjordland Minerals (FML-V) has raised $500,000 in a private placement of special warrant securities. Most of the proceeds will be used to finance diamond exploration in Greenland.
Each special warrant will be sold for 27 cents and be convertible into one share and one share purchase warrant. Each purchase warrant will entitle the owner to buy one additional share at 27 cents during the first year and 31 cents during the second year from the closing date.
Fjordland Minerals has just completed a $2.5-million exploration program on its 16,588-sq.-km property in southwestern Greenland. The company collected 1,650 till and stream sediment samples and is awaiting test results. Also, an airborne magnetic survey covering 4,500 line km has been completed over select areas of their property. Drilling will begin in the spring, provided targets are defined by this year’s field work.
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