Shore Gold and Magma Close $1.2 Million Private Placement

October 14, 02 by

Shore Gold and Magma Diamond Resources Ltd. have closed a US$1.2 million private placement of 2.5 million units, each consisting of one common share and one share purchase warrant, which can be exercised at US$0.7 for 18 months.

Shore Gold expects that Magma will help in completing a proposed 25,000 ton bulk sample next year. Magma, a new company, aims to add value to diamond mining and exploration projects worldwide by assisting in technical and marketing expertise, and equity and debt participation.

BSG Investments, led by Benny Steinmetz, is Magma’s major shareholder, while Bateman, a provider of process and recovery expertise and equipment to the diamond mining industry, also holds a share. Other shareholders of Magma are the Steinmetz Diamond Group, an international diamond marketing and trading company, and Brian Menell, Magma’s Chief Executive Officer.

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Shore Gold and Magma Close $1.2 Million Private Placement

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