Lyndex raises exploration funds

Lyndex Exploration (CDN), which has raised $200,000 via a private placement of 1,000,000 treasury shares on a flow-through basis, is embarking on an exploration program in Ontario’s Timmins Kidd Creek area where it has been acquiring new property interests.

It is currently calling for tenders to probe what President J.P. Sheridan calls a prime untested geophysical target in Carnegie Twp., Ont. This is on patented ground long held by St. Lucie Exploration, another dormant company in the Sheridan fold to be reactivated, in which Lyndex will earn a 50% interest.

Further financing is in the wind for Lyndex, which is to become the prime exploration vehicle for the Sheridan group, the company’s annual meeting was told. It is already investigating mining opportunities in Spain. The company hopes to raise about $10 million via a private placement of an issue of $10 preferred convertible shares (convertible into gold).