Mining executive J.M. Slack, who is spearheading the activities of Deak Resources (TSE), recently made his first formal investment in the Toronto company. .T J.M. Slack & Associates, a company controlled by Slack, has agreed to subscribe for $1.85 million principal amount of Deak Resources secured convertible debentures. The debentures are convertible into common shares in the capital of Deak at 90 cents per share.
When the private placement is closed, and the debentures converted, Slack will control almost 2.1 million common shares of Deak. Slack says the securities have been acquired for investment purposes and he does not intend to increase his interest.
Slack was recently appointed chairman of Deak Resources.
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