Dufresnoy raises $750,000 from Mazarin

Montreal-listed Mazarin Mining has subscribed to half of a $1.5-million private financing to be completed by Dufresnoy Industrial Minerals (ME).

Marazin will obtain 1.4 million units at 55 cents each for a total purchase price of $750,000. Each unit will consist of one common share and a purchase warrant allowing the holder to buy an additional share over 36 months for 75 cents.

Marazin’s subscription is subject to Dufresnoy receiving additional subscriptions under the same conditions for a minimum of $300,000. Dufresnoy will use the proceeds to acquire half of Dolobec and increase liquidity in its wholly owned subsidiary, Les Carrieres Temis. Dolobec has owned and operated a high-quality dolomitic quarry in Quebec since 1992. Temis, a producer of aggregate and agricultural limestone, also operates a quarry in Quebec.

Mazarin’s subscription is conditional upon approval by Dufresnoy shareholders, and Dufresnoy’s private placement has yet to approved by regulators.