A private placement of 1,125,000 units has netted Menora Resources (ME) $450,000. Each 40 cents unit consists of one share and one warrant. Redemption of two warrants plus 80 cents on or before April 30, 1993, entitle the holder to one additional Menora share. If the warrants are totally redeemed, an additional $450,000 will be raised.
Proceeds of the placement will be used to fund work on gold and base metal concessions in Guyana and continue work on the Estrella del Norte gold project in Mexico.
Menora has also converted all of its debt totalling $212,000 to equity by issuing 723,101 shares.
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