Additional funding has been arranged for Madeleine Mines, which is developing a large paladium-platinum-nickel-copper deposit in the Lac Des Iles area of northwestern Ontario.
The company reports that it has entered into an agreement with NIM & Co. whereby NIM will provide Madeleine with up to $4 million for the 1987 taxation year on a flow-through basis at a price equal to 150% of the market price as defined at the date of closing.
In addition, subject to the approval of all applicable regulatory authorities, the company has negotiated a private placement with U.S. interests which will provide Madeleine with $400,000(US).
Discussions for the major production financing that will be required are currently under way, The Northern Miner understands.
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