Eighty rights and $7.50 will be required to subscribe for one A share. Shareholders may also subscribe for additional A shares and will be allocated those A shares not subscribed for, the company says. The A shares will be convertible preferred shares paying a cumulative quarterly dividend of 19 cents per share (76 cents per annum). Each A share is convertible at any time into 20 common shares.
McAdam says the rights issue will offer shareholders a 10% annual dividend during the next three years.
The company expects to be upgrading reserves at Spud Valley as well as conducting a bulk sampling program. An on-site test mill will process the bulk samples.
According to McAdam’s preliminary planning, a daily production rate of 200-250 tons of ore would yield 15,000-20,000 oz gold per year. Project reserves stand at 247,078 tons grading 0.41 oz gold per ton.
]]>
Be the first to comment on "Valley/McAdam Rights offering for McAdam Res."