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Zaruma Resources heralds $25 million private placement of equity units
Gold, copper exploration company also plans $20 million debt financing
By Devika Patel
Knoxville, Tenn., Dec. 29 - Zaruma Resources Inc. said it received approval of a private placement of units at a special meeting of shareholders on Wednesday. The deal will raise $25 million.
The company may sell up to $20 million of the units to Zaruma Gold Mining Ltd.
One of the conditions of the deal is that Zaruma must arrange a new debt financing for at least $20 million. The company said it is negotiating a $30 million debt financing with a major international bank.
Zaruma is a gold and copper explorer based in Toronto.
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