Toronto-based Madsen Gold (TSE) has proposed a private placement of 80-100 units at $12,350 each.
A unit will consist of 9,000 flow-through common shares at $1.25 each and 1,000 common share purchase warrants, as well as 1,000 common shares, at $1.10 each. A warrant will entitle the holder to buy one common share for $1.50 before July 1, 1995.
The units will be available through offerings in Manitoba, Ontario and British Columbia.
Proceeds will be used to refurbish the surface plant of the Madsen mine, near Red Lake, Ont., as well as confirm underground conditions in the upper levels and carry out drilling with a view to augmenting reserves.
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