First Dynasty Mines completes financing

Newly listed First Dynasty Mines (TSE) has raised US$6.2 million and issued 2 million special warrants (at US$3 per) to close its private placement.

So far in 1995, the company has raised US$12.7 million and issued 4.2 million shares. Its interests are in both the gold and oil and gas sectors.

The funds are earmarked for development drilling at the Dublin Gulch gold property in the Yukon, and for the acquisition and development of the Sembakung oil field in Indonesia.

The company is seeking to borrow US$15 million from major banks to cover the capital cost of developing the Sembakung.

Timothy Haddon, co-chairman of First Dynasty, says the main function of the oil and gas ventures is to fund future mining ventures.

Formerly known as Starmin Mining, the Canadian company is now based in Denver.