VIRGINIA GOLD MINES INC. - CLOSING OF A PRIVATE PLACEMENT AGREEMENT
QUEBEC, Dec. 19 /CNW/ - Virginia Gold Mines Inc. (''Virginia'') announces
the signing of a private placement with Triax Resource Limited Partnership II
(''Triax'').
Under the terms of the agreement, Triax will purchase 1,000,000
flow-through special warrants at a price of $2.30 per warrant for gross
proceeds of $2,300,000. 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. This new agreement
with Triax follows a financing done in July 1997 with Triax Resource Limited
Partnership for gross proceeds of $2,000,000 at a price of $3.00 per warrant.
Proceeds will be used to conduct further work on Virginia's numerous
projects in Quebec, more specifically on La Grande Sud, Ch–te-des-Passes,
Auclair, Opinaca et Guyer.
If they think it's a good deal at this moment, I think we will know in January or february why. I bet on a big Ni- Cu -Co discovery in < La ch–te-des passes>.
Good luck to everyone and a happy new year.
Luc Richard |
