NEWS ROUNDUP — Yorbeau completes private placement

Montreal-based junior Yorbeau Resources (TSE) has raised $750,000 by way of a private placement with five investors.

The placement consists of 1.9 million class A shares at 40 cents each and 937,500 warrants to buy an equivalent number of class A shares at 52 cents each at any time until Oct. 20, 1994.

Proceeds will be used to pay debts.

Also, the agreement between Yorbeau and Deak Resources (TSE) on the former’s Astoria gold property has been amended. Yorbeau now has the right to receive $3.5 million from initial operating profits and a right to convert its 2% net smelter return royalty to a 50% participating interest at no cost. The previous agreement provided for the receipt of $3 million and a participation right of 40%.