Two juniors will spend $1.5 million on exploration on Baffin Island, N.W.T. A recent agreement gives International Capri Resources (VSE) a 42% working interest in the Baffin Island project of Continental Precious Minerals (ME).
The $1.5 million was raised by a brokered private placement of 1 million Capri shares at $1.50 per share.
Continental bought 875,000 shares and an equal number of warrants of Capri in a private placement, bringing its direct and indirect interest in Capri to 30.7%.
Each warrant entitles Continental to buy a share of Capri at 40 cents. Fully exercising the warrants would bring Continental’s interest to 38.7%.
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