United Mining Group Inc UMG:CA announced that it has entered into an engagement agreement with Pope & Company Limited to raise up to $8 million. The Private Placement will consist of the issuance of up to 8,888,888 units at a price of $0.90 per. Each unit consists of one common share and one half of one common share purchase warrant. The private placement provides further funding for UMG’s ongoing work program, primarily on the Idaho Crescent Silver Mine, and for general corporate purposes.
UMG CEO Charles Pitcher tells ResourceClips.com, “Certainly this funding gets us on our way on our underground and surface exploration of the Crescent Mine. We’ve tripled our land base right now, so we’re really going to put an extensive effort into exploration. We’re also working underground, and we look to extract a bulk sample in January and February with a view to mining operations next year.”
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by Ted Niles