Toronto-based junior Lyndex Explorations (CDN) plans to issue $5 million in series B special shares on a private basis.
The special shares will be convertible into common shares at $1 each and, under certain circumstances, into gold bullion at $500 per oz. The special shares will pay a dividend equal to about 10% of their issue price. Proceeds will finance exploration on a European gold project, as well as on exploration in Canada.
In addition, the board of directors has been asked to allot options on 300,000 common shares, at $1 per share, to certain directors and employees of Lyndex.
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