Majescor to raise up to $3m via private placement financing

Junior mineral explorer Majescor Resources (CVE:MJX) said Thursday it plans to raise up to $3.0 million through a non-brokered private placement financing.

The offering will consist of up to 15 million units at a price of $0.20 each. Each unit will consist of one common share, and one half of a share purchase warrant, with each whole warrant entitling the holder to buy one additional share at $0.35 for a period of two years from the date of issue.

 The company said it could also accept subscriptions for an additional $500,000 to cover over-allotments.

 Proceeds will be used to advance Majescor¹s Somine copper-gold project in Haiti.

 The offering, which is subject to TSX Venture Exchange approval, is expected to close near the end of July.

 Aside from Somine, Majescor holds 40% of the joint venture MIstassini uranium exploration project in Quebec, and the Besakoa gold and base metal property in Madagascar.