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INVESTMENT NEWS Juniors Raising Year-End Cash

The end of the year has seen many junior mineral companies hustling to improve their finances. There seems to have...



The end of the year has seen many junior mineral companies hustling to improve their finances. There seems to have been a flood of such announcements across this desk lately. Here is a list of some of the activity.

CANCOR MINES
$523,000 by private placement of flow-through shares for exploration in Quebec.

CHAMPION BEAR RESOURCES
$1 million by private placement of flow-through shares and warrants for drilling and exploration in Ontario.

DESTORBELLE MINES
$745,000 by private placement convertible debenture for debt repayment.

DIANOR RESOURCES
$900,000 by initial public offering for exploration.
$85,000 by private placement of flow-through shares and warrants for exploration (90%) and working capital (10%)

DITEM EXPLORATIONS
$120,000 by sales of flow-through and common shares for diamond exploration in Quebec. (The company has raised a total of $2.1 million over the last 17 months.)

JASPER MINING
$800,000 by prospectus offer for exploration in British Columbia.

MATAMEC
$135,000 by non-brokered private placement of flow-through and common shares plus warrants for exploration in Quebec.

OLYMPUS PACIFIC MINERALS
$1.5 million by brokered private placement of common shares and warrants for exploration and development in Vietnam plus ongoing corporate purposes.

SHORE GOLD
$752,143 by private placement of flow-through common shares and warrants for diamond exploration in Saskatchewan.

SUDBURY CONTACT MINES
$500,002.80 by private placement of common shares and warrants for gold and diamond exploration in North America.

TEMEX RESOURCES
$1 million by brokered private placement of flow-through and common shares for gold and diamond exploration in Ontario and for general working capital.

TRIBUTE MINERALS
$560,000 by private placement of flow-through shares for undisclosed purposes.

TRUE NORTH GEMS
$306,000 (estimated) by private placement of flow-through shares and warrants for exploration in North America.

TWIN MINING
$3.3 million by flow-through financing for diamond exploration in Nunavut.

VIRGINIA GOLD MINES
$900,000 by two private placements of common shares and warrants for working capital and exploration in Quebec.

VVC EXPLORATION
$682,000 by two private placements of flow-through shares for exploration in Newfoundland.

We are happy to report that there is money out there for exploration. Although development is a much more expensive undertaking, without exploration there would be no known deposits worth developing.


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