News in Brief (September 08, 1986)

Share purchase warrants of Placer Development posted for trading on the TSE on May 3, 1983, in connection with a unit offering by prospectus dated March 15, 1983, expire on Sept 30, 1986.

Cal Graphite Corp. has called a special shareholders meeting for Sept. 17 to seek shareholder approval for a stock split. The company intends to issue two shares for each share held. The company also reports that a feasibility study on its Huntsville, Ont., crystalline flake graphite deposit is expected to be completed by month-end.

Inco Ltd. plans to issue 75 million West German marks of 6.5% bonds in the international capital markets maturing on Oct 1, 1991. The bonds are being issued through an international syndicate led by Commerzbank Aktiengesellschaft. The proceeds will be used to reduce the company’s borrowings under its existing bank credit facilities.

The Royal Trust Co. has been appointed transfer agent for Twin Richfield Oils’ class B subordinate voting shares.

Campbell Resources has completed a private placement of 2.8 million common shares. Proceeds will be used to fund the acquisition of two million common shares of Meston Lake Resources and for general corporate purposes

Depressed oil prices have caused Chesbar Resources to withdraw its preliminary prospectus filed with the Quebec securities commission for financing oil and gas acquisitions and gold exploration. The company plans to abandon its rights in the Adgo field in the Beaufort Sea and concentrate on gold- oriented projects.

Share purchase warrants of Bonanza Resources posted for trading on the TSE on Oct 24, 1983, in connection with the amalgamation of Cherokee Resources and a wholly-owned subsidiary of the company, expire on Sept 30, 1986.

Discovery Mines posted net earnings of $48,000 for the six months ended June 30 compared to $262,000 posted in the same period in 1985. The decrease is due to moderately lower gas prices, the company says. Revenue for the first half of this year amounted to $1.2 million compared to $1.6 million for the first half of 1985.



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