The release....
VIRGINIA GOLD MINES INC - Closing Of A Private Placement
Market News Publishing, Tuesday, July 22, 1997 at 11:40
Virginia Gold Mines Inc. ("Virginia") announce the signing of a private
placement with TRIAX RESOURCE LIMITED PARTNERSHIP ("TRIAX"). Under the
terms of the agreement TRIAX will purchase 666,667 flow-through special
warrants, at a price of $3.00 per warrant, for gross proceeds of
$2,000,001. Each warrant upon conversion entitles TRIAX to one flow-through
common share at no additional cost. TRIAX is an Ontario based limited
partnership managed by ALTAMIRA MANAGEMENT LTD.
Proceeds will be used to conduct further work on VIRGINIA's numerous
projects in Quebec, more specifically on LA GRANDE SUD, PAYNE, CHUTE-DES-
PASSES and AUCLAIR.
VIRGINIA is one of the most active exploration companies in Quebec.
VIRGINIA is debt free and has a working capital position of $17 million.
This financing is subject to the approval of the regulatory authorities.
TEL: (418) 694-9832 Marie-Claude Poitras, Investor Relations
TEL: (800) 476-1853
Companies or Securities discussed in this article:
Symbol
Name
ME:VIA
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cmn: This stock is followed by J. Taylor and mentioned occasionally by ECharters. It is evidently a solid and respected firm with a wide variety of analysts. Recent movements have taken it upward. I don't believe this is another Mar West; but it is beginning to recover.
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