A deal between Canacord Resources and a wholly-owned subsidiary, Exador Resources, will see Canacord transfer its rights under several property agreements to Exador in return for common shares and warrants of the subsidiary.
Ten projects are involved: Melchett Lake, a joint venture with Kerr Addison Mines; Barnet Twp. and Stroughton, joint ventures with Noranda Exploration; Great Burnt Lake and Tulks-Lloyds River, joint ventures with BP Resources Canada; Acad’or and Golden Neighbor, joint ventures with Lacana Ex (1981); Melanson Brook and Beschefer, joint ventures with Dejour Mines; and Massey, a joint venture with Tintina Mines.
In addition, new exploration opportunities will be sought through Exador.
Canacord President Guy Charette reports the two companies intend to raise about $9 million in exploration funding through a public financing this summer.
The shares to be issued to Canacord for the property interests should give the company about 45% of Exador after completion of the financing. The transfer deal is subject to regulatory and Canacord shareholder approval.
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