A new exploration company has been created by three Toronto-listed juniors.
Muscocho Explorations, McNellen Resources and Flanagan McAdam Resources will transfer their respective interests in the Magino and Magnicon gold mines near Wawa, Ont., to the as-yet-unnamed company. It will be privately held by the trio and an unnamed Canadian corporate investor. The private investor has subscribed to $7.2 million worth of preferred shares of the new company. The new company plans to spend $1.5 million on exploration at the mine sites.
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