Deals this week: Prophecy Development, Manson Creek Resources, Azure Minerals
Prophecy Development has reached an agreement to raise C$3.1m ($2.47m) in a private placement of 888,000 units priced at C$3.50 ($2.79) each.
Each unit will consist of one common share and one-half of a share purchase warrant, which entitles the holder to acquire an additional share at a price of C$4 ($3.19) a share. The option is exercisable within three years from the date of issuing.
Under the offer, the company's management and directors will subscribe for approximately 100,000 units valuing C$350,000 ($270,000).
Based in Canada, the company is engaged in acquisition, exploration, and development of mineral properties.
Manson Creek Resources has acquired the DJ Jade project in Washington, consisting of Lode Claims spread over more than 140ha.
Manson Creek is a Canadian mineral exploration company focused on the acquisition and development of early stage gold projects.
Azure Minerals has completed the acquisition of the historic Sara Alicia gold-cobalt project in Sonora region, Mexico. The acquisition is a part of the company’s strategy to expand its exploration portfolio in the country.
The company paid $125,000 to the previous owners towards the services rendered, and will pay a further $125,000 once the mine begins commercial production.
Spread over 9ha, the mine hosts high-grades of gold in addition to copper-zinc-silver mineralisation.