Junior Minera Rayrock (TSE) is issuing a private placement of 8 million special warrants.
Each special warrant, priced at $2.50, will entitle the holder to recieve one subordinate voting share of the company and one-half share purchase warrant.
Each full purchase warrant will entitle the holder to buy one subordinate voting share in the company until June 1, 1995, at $3 per share. Gross proceeds of the issue will be $20 million.
The sale is subject to regulatory approval and will close Dec. 23. Proceeds will be used to explore the Bellavista gold and Sierra Valenzuela copper properties in Cost Rica and northern Chile, respectively.
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