Junior roundup: Big North, Amarillo Gold, Pershimco, Kootenay, Belo Sun

By
Friday, May 15, 2015

Vancouver's Big North Graphite plans to complete a non-brokered private placement of units for gross proceeds of up to Cdn$490,000 (US$406,588). The money will be used for general working capital purposes, a statement said.

Big North is a graphite exploration company focused on projects in Mexico and Canada.

Start your 15 day free trial now!

cta-arrow

Already a subscriber? Please, login

***

Brazil-focused Amarillo Gold received the most recent drawdown from a gold-linked credit facility it subscribed to last September.

Under the facility, it can borrow "up to the value of 5,000oz of gold" with tranches equal to 270oz gold at the end of the last business day of each quarter.

This is the fourth time the company has used the drawdown, totaling 3,391oz of gold drawn to date, and the firm is using it to operate and continue with the mine permitting process of its flagship Mara Rosa gold project in Goiás state, a press release said.

***

Panama-focused Pershimco Resources completed its previously announced private offering of Cdn$7mn through a share issuance, raising Cdn$7.07mn via a syndicate of agents acting for and on behalf of the company, according to a statement.

The net proceeds are intended to be used for the engineering, development and construction of the Cerro Quema project in Panama, as well as continued exploration expenditures in the country and for general administrative and corporate purposes.

***

Vancouver's Kootenay Silver entered into an option agreement through its wholly owned Mexican subsidiary, Minera JM (MJM), with Oro de Altar (ODA), the Mexican subsidiary of AuRico Gold. The option allows ODA to earn up to 100% interest in the San Diego property, in Sonora state.

The terms of the agreement allow ODA to earn a 65% interest by spending an aggregate total of US$3mn in exploration expenditures over three years and paying an aggregate total of US$480,000 to MJM by December 2017, a press release said.

Upon earning the initial 65% interest, ODA will have the right to a 100% interest by paying US$8/oz of resource based on the preparation of a NI 43-101 compliant resource statement, to be completed no later than 90 days after April 8, 2018.

***

Toronto-based Belo Sun Mining entered into a share purchase agreement with Agnico Eagle Mines to make a strategic investment of Cdn$15mn in Belo Sun through a non-brokered private placement of shares, a statement from Belo Sun said.

Under the deal, Agnico Eagle would own 17.4% of Belo Sun's shares.

Belo Sun will use the proceeds to advance the development of the Volta Grande project and for general working capital purposes.