Junior Habsburg Resources (TSE) reports that its previously announced private placement with Canaccord Capital has not been completed. Instead, Habsburg will sell, on a private placement basis, up to 1.5 million units at 28 cents per unit.
Each unit consists of one common share and one warrant. A full warrant entitles the holder to buy an additional share for 31 cents for a 1-year period and 41 cents during the next year.
Proceeds will be used to fund engineering and exploration work on the Dome Mountain gold mine near Smithers, B.C. An underground program of resampling and diamond drilling is to begin shortly.
The property features at least eight mineralized quartz veins containing gold, silver and copper-zinc-lead sulphides. In situ reserves for two of the veins — the Boulder and Argillite — are estimated at 243,463 tons grading 0.44 oz. gold per ton.
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