Marchment & MacKay, underwriter for Van Ollie Explorations (CDN), has exercised a compensation option to purchase 1.36 million common shares of Van Ollie at 13 cents per share.
The option was granted in March, 1989, when Marchment and MacKay acted as underwriter for Van Ollie’s common shares offering.
About $75,000 of the proceeds will be used to pay current accounts payable. The balance, about $107,000, will be used to finance additional diamond drilling on the company’s McMurray Twp. gold property near Wawa, Ont.
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