A $2.5-million private placement with Le Fonds de solidarite des travailleurs du Quebec and MSV Resources (ME) has been completed with Nova-Cogesco Resources (TSE), the companies report. Le Fonds acquired 2.5 million shares of Nova-Cogesco at 80 cents per share and warrants to purchase an additional 2.5 million shares at $1 per share until Feb. 1, 1992. MSV subscribed for 625,000 shares at 80 cents per share and two series of warrants.
MSV is the principal shareholder in Nova-Cogesco, which has a 20% interest in the Silidor gold project near Rouyn-Noranda, Que. Silidor will enter production soon. Proceeds of the placement will be used to fund Nova-Cogesco’s share of the project’s pre-production cost.
Elsewhere, Aur Resources (TSE) recently exercised an option to purchase one million flow- through shares of Nova-Cogesco at $1 per share. Nova-Cogesco says it will spend these proceeds on exploration work at its 30% owned Norlartic gold property northeast of Malartic, Que.
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