A private placement of 1.125 million units at 40 cents per unit has been completed by Menora Resources (ME). Each unit consists of one common share and one warrant; two warrants and 80 cents are required to purchase one Menora share, within nine months.
The company says that if the warrants are exercised, gross proceeds will be $900,000. The transaction is subject to regulatory approval.
Menora, owned 28.7% by Black Cliff Mines (TSE), says the funds will go mainly toward exploration and development of Menora’s Estrella del Norte gold project in Mexico.
The company is earning a 50% interest in the gold property. A partially open pit project with a heap leach operation is envisaged for the property.
In Guyana in South America, Menora says it, Black Cliff and Noranda Exploration intend to evaluate one gold and one base metal prospect. Menora and Black Cliff will each have a 25% interest in the projects, and Noranda the balance. Black Cliff will be the initial operator; Noranda will have the option to become the subsequent program operator.
Among Menora’s other assets is a 6.4% (fully diluted) interest in Ocean Diamond Mining, which trades on the Johannesburg Stock Exchange and which mines diamonds off the coast of South Africa.
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