Junior Maude Lake Gold Mines (CDN) is acquiring a 20% interest in properties near Matheson, Ont., previously optioned by Maude to Hecla Mining (NYSE) and Technigen.
In return, Maude will issue more than 1.2 million shares and a promissory note with a principal value of $206,250 to both Hecla and Technigen. The promissory note will be convertible into Maude shares at 50 cents each any time after June 30, 1996. The transaction is scheduled to close on or before the end of the first week in July.
As a result, Maude will own the properties outright.
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