Holmer to fund work on Cuban play

Alberta-listed Holmer Gold Mines has arranged a private placement of 1 million units at 40 cents each.

A unit will consist of one common share and a common share purchase warrant. The latter will be exercisable for 18 months from the date of issue and is exchangeable for one common share at a price of 60 cents. Proceeds will be used to develop the junior’s silver deposit in Cuba, where initial drilling has outlined a probable reserve of 550,000 tons grading 11 oz. silver per ton. The deposit is flat-lying and averages 27.7 ft. in width at a depth of 75 ft. below surface.

Results from four drill holes are pending.