Financing in the form of a $2,184,000 private placement has been approved by the directors of Ontex Resources (ASE). The placement consists of 2.4 million common shares priced at 91 cents per share. The cash flow will be used for general corporate purposes and to finance Ontex’ legal battle with Metalore Resources (TSE), said Ontex President Sam Fuda. The 4- year-old dispute over the ownership of the Brookbank gold property near Beardmore, Ont., is scheduled to be brought to trial on Sept. 4.
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