A phase I exploration program has been completed by Quinterra Resources and Pure Gold Resources on the Central Patricia property of Golden Shadow Resources at Pickle Lake, Ont.
Elliott Rosenberg, president of Golden Shadow says a phase II program on the property will need a further $1 million, and that Golden Shadow requires $150,000 to maintain its 15% working interest.
To get these funds, Rosenberg says, an arrangement has been made with a group to provide them on a basis whereby Golden Shadow will issue 428,571 shares of the company at 35 cents a share.
As well, the group will receive one-year warrants entitling the holders to purchase a further 214,286 shares at 40 cents a share.
The financing is subject to regulatory approval, he said.
The Central Patricia prospect adjoins Highland Crow Resources’ Pickle Crow property.
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