Minnova Corp. said Sept. 21 that it plans to raise up to C$5 million in a private placement for drilling and other work at the PL gold mine in Manitoba. Funds will also be used for debt reduction and for general working capital purposes.
It plans to issue up to 4,705,882 flow-through units at 85 cents each to raise up to C$4 million and up to 1,538,462 units at 65 cents apiece to raise the remainder. A 15% overallotment option has also been granted.
Units will consist of a common share and half a warrant, with each warrant exercisable for 85 cents for 30 months from the closing date.
Minnova expects the offer to close around Oct. 5.