The end of the year has seen many junior mineral companies hustling to improve their finances. There seems to have been a flood of such announcements across this desk lately. Here is a list of some of the activity.
CANCOR MINES
$523,000 by private placement of flow-through shares for exploration in Quebec.
CHAMPION BEAR RESOURCES
$1 million by private placement of flow-through shares and warrants for drilling and exploration in Ontario.
DESTORBELLE MINES
$745,000 by private placement convertible debenture for debt repayment.
DIANOR RESOURCES
$900,000 by initial public offering for exploration.
$85,000 by private placement of flow-through shares and warrants for exploration (90%) and working capital (10%)
DITEM EXPLORATIONS
$120,000 by sales of flow-through and common shares for diamond exploration in Quebec. (The company has raised a total of $2.1 million over the last 17 months.)
JASPER MINING
$800,000 by prospectus offer for exploration in British Columbia.
MATAMEC
$135,000 by non-brokered private placement of flow-through and common shares plus warrants for exploration in Quebec.
OLYMPUS PACIFIC MINERALS
$1.5 million by brokered private placement of common shares and warrants for exploration and development in Vietnam plus ongoing corporate purposes.
SHORE GOLD
$752,143 by private placement of flow-through common shares and warrants for diamond exploration in Saskatchewan.
SUDBURY CONTACT MINES
$500,002.80 by private placement of common shares and warrants for gold and diamond exploration in North America.
TEMEX RESOURCES
$1 million by brokered private placement of flow-through and common shares for gold and diamond exploration in Ontario and for general working capital.
TRIBUTE MINERALS
$560,000 by private placement of flow-through shares for undisclosed purposes.
TRUE NORTH GEMS
$306,000 (estimated) by private placement of flow-through shares and warrants for exploration in North America.
TWIN MINING
$3.3 million by flow-through financing for diamond exploration in Nunavut.
VIRGINIA GOLD MINES
$900,000 by two private placements of common shares and warrants for working capital and exploration in Quebec.
VVC EXPLORATION
$682,000 by two private placements of flow-through shares for exploration in Newfoundland.
We are happy to report that there is money out there for exploration. Although development is a much more expensive undertaking, without exploration there would be no known deposits worth developing.
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