MONTREAL – Beaufield Resources has closed a private placement offering that raised $6 million, a large part of which was taken up by O3, a subsidiary of Osisko Mining.
Beaufield issued 40 million common shares at a price of $0.10 per share and 13.3 million flow-through shares at a price of $0.15 per flow-through share. The Osisko subsidiary subscribed for 31.7 million shares, representing a 16.4% interest in the issued and outstanding shares of Beaufield. Beaufield plans to use the proceeds for exploration and for working capital and general corporate purposes.
Core from the Troilus-Tortigny zinc-copper property.
Beaufield’s most advanced project is the Troilus-Tortigny zinc-copper property 150 km north of Chibougamau, Que., and 42 km from the former Troilus mine. The project has 43-101 compliant resources of 1.1 million measured and indicated tonnes grading 1.78% copper, 3.65% zinc, 48.51 g/t silver, and <0.1 g/t gold. The inferred resource is 99,000 tonnes at 1.19% copper, 1.23% zinc, 12.45 g/t silver and 0.1 g/t gold. The estimate was made by Micon in June 2014.
Besides the Troilus-Tortigny project, Beaufield’s other most promising property is the Urban gold project close to Osisko’s Windfall discovery. Details are posted at www.Beaufield.com.