A Toronto-based mutual fund recently agreed to purchase a $450,000 unit offering from Orvana Minerals (TSE). The placement totals one million units priced at 45 cents per unit, with each unit comprised of a share and half a share-purchase warrant exercisable at 60 cents to April 22, 1994.
Orvana plans to use a portion of the placement for further exploration at its Cobb Creek property in Nevada. The company has already earned a 52% interest in the property from BHP-Utah International and can boost its position to 60% by spending an additional US$500,000.
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