Lago Dourado MineralsLtd. said April 29 that it plans to raise aggregate gross proceeds ofup to approximately C$1.2 million through a nonbrokered private placement.
The company will issue up to 12,000,000 subscription receiptspriced at 10 cents each.
Each subscription receipt will entitle the holder to acquire1 common share automatically without any additional payment, upon the satisfactionof all conditions precedent to the previously announced acquisition of GPMMetals Inc.'s property interests in northwestern Ontario.
The company plans to put the proceeds toward funding the explorationactivities on the acquired property interests and for general corporate purposes.
The offering is expected to close by May 24.