BLAINE, WA, Sept. 22 /CNW/ - Century Mining Corporation (CMM: TSX-V) announced today that it has closed a non-brokered private placement of 7,857,143 flow-through shares at a subscription price of C$0.14 per flow-through share for gross proceeds of C$1.1 million. This financing was originally announced on September 2, 2009. Century paid a finder's fee of 6% cash, and broker warrants equal to 6% of the number of flow-through shares purchased by investors introduced to the Company. All of the securities issued under this private placement are subject to a four-month hold period.
The proceeds from this offering will be used for the ongoing Vulcan computer modeling project, which is currently defining additional resources at Lamaque from the 2,000 to 3,000 foot levels, as well as further geological studies at Lamaque and the surrounding properties.
1 comment:
From today's NR: "as well as further geological studies at Lamaque and the surrounding properties."
Assuming it doesn't take away from restarting Lamaque, expanding San Juan and paying off liabilities, it would be nice if we were able to free up a couple of pennies to perform some basic studies on our properties surrounding Lamaque. I've always left that those properties hold a lot of potential. We even have some very positive historical drill results already from some of those properties. We have actual proof that there is gold on those properties. It's just a matter of determining how much and whether it is economically viable.
Alexandria Minerals issued a 43-101 report last week on their Orenada property in Bourlamaque Township, Val d'Or, Quebec. It showed a resource base of 392,000 ounces of gold. That Orenada property appears to be less than 4 kilometres away from Lamaque and our properties surrounding Lamaque.
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