Vancouver-based First-Quantum Minerals (FM-V) has raised additional funds to explore for gold and copper projects in Africa.
The company completed a $9-million private placement of 2.5 million special warrants priced at $3.50 each. The special warrants will be exercisable for units comprising one share and half a share purchase warrant. Each whole share purchase warrant will entitle the holder to buy one additional share at $4 for a period of one year and $4.50 for the following six months.
Proceeds of $8.2 million will be applied to construction of the fully owned Bwana Mkubwa copper project in Zambia and to exploration of the surrounding 5,800-ha property, the Sakoira property in Niger, the Nyantanina property in Guinea and the Kraaipan property in Botswana. Programs will include both drilling and surface work.
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