Thursday, 11th May 2006 (2806 views)

Canada-based Vedron Gold, a mining and exploration development company, has announced the private placement financings of common share units at $0.60 per unit and of flow through shares at a price of $0.60 per share, for proceeds of up to $4,500,000.

The move has resulted in the issuance of up to 7,500,000 shares, with common share purchase warrants upon completion of the financing transaction.

Each unit consists of one common share and half of one common share purchase warrant, while each full warrant entitles the holder to purchase one common share of the company at a price of $0.66 before December 29, 2006.

The proceeds from the private placements will be used for exploration and development of the company's Timmins gold properties and for general working capital.

Vedron's gold properties in Timmins include Fuller, Tisdale and Buffalo Ankerite. The firm locates and develops areas of gold mineralization and pushes the properties on to production, while also being active in gold mine planning and permitting.

 

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