Re. MMU private placement placees -- great answer here:
In contacting the company,
I have had my question re. the "significant portion" comment in the last Marum pp NR answered, and it's great news. The company has informed me of the following:
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About 500,000 of the 800,000 units of the pp (private placement) were subscribed to by insiders. The remainder will be picked up by friends of the company. This will raise about $120,000 and the cash will be allocated for working capital to cover overhead, trust company costs, listing fees, audit fees, legal fees, storage lockers, licenses and other stuff. This will preserve the current working capital position of $250,000 for exploration during the first half of 1998.
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- - So that's that - - seems to bode very well !
Elsewhere, I was reviewing some of MMU's old NR:
A significant excerpt from a Sept.24/97 NR by MMU as to why Chinchaga properties were acquired:
marumresources.com
"...The existence of a pronounced gravity low within the craton to pinpoint the location of super-cool root zones. Regional gravity data clearly shows that the Chinchaga and Buffalo Head Cratons form a single circular unit, similar in size and shape to the Slave Craton in the NWT. A pronounced ring shaped gravity low occurs within the Chinchaga-Buffalo Head Craton complex. Both the Ashton and Monopros kimberlite pipes occur on this low-gravity ring. The core Ashton permits appear to cover approximately 30 degrees of circumference on the east side of the Chinchaga-Buffalo Head low-gravity ring. The Marum properties cover approximately 45 degrees of circumference on the west side of the ring.
"...The presence of diamond indicator minerals. Marum has previously reported [Mar/97] the existence of indicator minerals in the area and the recovery of two clear microdiamonds from a trench sample of a Cretaceous age sedimentary rock outcrop located on one of its Chinchaga Craton properties."
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This is a sound company w/ great prospects!
And APEX (w/ M.Dufresne, who will be running the program), knows their stuff).
Cheers,
-j
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