Black Swan raising over US$3mn for Canastra
Bnamericas Published: Thursday, July 03, 2003
Canadian junior minerals company Black Swan (TSX: BSM) said it has arranged a share placement to raise Cdn$3.25mn (US$2.43mn) to develop its Canastra diamond property in Minas Gerais state, southeast Brazil. The exercise of existing warrants will raise a further Cdn$1mn (US$750,000), the Vancouver-based company said. Proceeds will be used to finance the continuing evaluation and development of the Canastra 1 kimberlite body, increase the exploration program for the kimberlite targets within the Serra da Canasta region of Brazil and general working capital purposes, Black Swan said. The company said it plans to start trial mining operations at Canastra 1 in the first quarter of 2004.
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