Vancouver-listed Minefinders will complete a private placement of 500,000 units at $4.20 each.
While the financing has yet to be approved by regulators, each unit is to consist of one common share and one non-transferable warrant to buy an additional share at $4.20 for one year.
Proceeds will be used to explore the Dolores gold property in Mexico’s Chihuahua state, as well as acquire other gold and silver properties in that country and the southwestern U.S.
A $1.5-million program of mapping, sampling and reverse circulation drilling is planned for Dolores. The property is underlain by a 9-sq.-km area of intensely altered rhyolitic volcanics with extensively mineralized vein structures and old workings. Preliminary samples have returned assays as high as 0.092 oz. gold and 0.448 oz. silver per ton over 49 ft.
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