said April 27 that it has completed its up to C$1 millionnon-brokered privateplacement of common shares announced in March, raising justC$500,000.
The companyissued 1,515,151 common shares at 33 Canadian cents each.
The companyalso said that it has entered into an unsecured loan agreement with a privatecompany for C$1 million, maturing in 10 years and bearing an 11.61% interest perannum, compounded in arrears.
Proceedsfrom the private placement and the loaned amount will be used for the company'senvironmental study and mine plan development as part of its licenseapplication and processing of 10,000 tonne bulk samples of magnesium and goldon West High Yield's RecordRidge South property, as approved by the British Columbia Ministryof Energy and Mines.
Bothoperations are expected to commence in the summer of this year subject tofurther funding.