Yorbeau raises new financing

First closing of a private placement raised $400,000 for Yorbeau Resources (TSE), the company reported.

The deal was intended to raise a maximum of $500,000 through the sale of up to 500 units. Each unit consists of 5,000 common shares and 5,000 warrants, the latter exercisable at 27 cents each by Oct. 10, 1992.

Yorbeau said the proceeds will be used to provide working capital and to maintain the company’s properties in good standing. The company reported it is negotiating with possible joint venture partners for some of its properties, including the Astoria gold project near Rouyn-Noranda, Que.