Olympus Pacific Minerals plans C$10 million private placement of stock

By Sheri Kasprzak

New York, Feb. 23 - Olympus Pacific Minerals Inc. said it has negotiated a private placement for up to C$10 million.

The company will sell shares in the offering at a price to be determined based on market conditions.

Paradigm Capital Inc. and M Partners Inc. are the placement agents and have an over-allotment option for up to C$1 million in additional proceeds.

The proceeds from the offering will be used to rehabilitate the company's Bong Mieu underground project and to develop its Dak Sa underground project. The rest will be used for general corporate purposes.

Toronto-based Olympus is a gold exploration company.

The company's stock closed down 7 cents, or 10.45%, to end at C$0.60 Thursday (TSX Venture: OYM).

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