Toronto-based junior Great Lakes Minerals is planning a public offering of 2.4 million units (shares and warrants) at 45 cents per unit. One-third of the units are expected to be purchased in Europe. Great Lakes is engaged in the acquisition and development of advance-stage mineral resource properties in Canada and the U.S. It also says it plans to acquire minority interests in, and production royalties of, operating mines.
The company says it has entered into a letter of intent to acquire a 50% interest in three copper properties in the Keweenaw Peninsula in northern Michigan from Michigan Mining & Manufacturing Co. The company will also acquire rights of first refusal over about 1,520 acres on the peninsula.
The largest of the three properties, the 543 South deposit, has drill-indicated reserves of 4.5 million tons grading 2.3% copper at a cutoff grade of 0.75%.
Great Lakes currently has three major shareholders: Northfield Minerals (ASE), 31.3% interest; John McBride, chairman, 26.9%; and Nicholas Tintor, president, 26.7%.
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