SignalExploration Inc. said July 11 that it has signed a binding a letterof intent to acquire TY & Sons Explorations (Nevada) Inc.'s rights, titleand interest in the East Fault property, located in the Esmeralda County,Nevada.
Signal will make certain cash and share option payments andthe two companies will need to settle a formal definitive agreement to finalizethe transaction.
The property covers 2,100 acres of land area.
The company also said that it has arranged a non-brokeredprivate placement of 2,266,666 units priced at 15 Canadian cents each to raiseup to C$340,000.
Each unit will consist of 1 common share and 1 common sharepurchase warrant. Each warrant will entitle the holder to purchase 1 commonshare for 30 cents within 12 months.