Gammon Lake to raise C$110 million through private placement of special warrants

By Sheri Kasprzak

Atlanta, Nov. 23 - Gammon Lake Resources Inc. said Tuesday it plans to raise up to C$110 million through the sale of special warrants.

The special warrants are exchangeable for one common share upon receipt of a final prospectus qualifying the distribution of the shares and the filing of a registration statement for the stock in the United States.

The price of the warrants will be determined after regulatory approval is received, according to a statement from Gammon Lake.

BMO Nesbitt Burns Inc. is the lead placement agent.

Based in Dartmouth, Nova Scotia, Gammon Lake is a mineral exploration company with properties in Mexico. The company plans to use the proceeds from the private placement for working capital and the development of phase one of its Ocampo gold and silver project.

On Tuesday, Gammon Lake's stock closed up C$0.16 at C$7.03.

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