Amadeusz Juskowiak

Stansbury mining stby gets funding for mine

Stansbury Mining Corp said it has arranged the financing it needs to bring its vermiculite mine into operation later this year

The company said New York investment banking firm Matthews and Wright has arranged 7300000 dlrs in taxfree industrial revenue bonds and 4700000 dlrs in conventional bonds

It said it expects to produce saleable ore from the mine before yearend

The company said it has also signed an agreement for Wright Engineers Ltd of British Columbia to recoup the cost of its services to Stansbury by converting warrants

The company said Wright Engineers would convert the warrants to Stansbury common on a monthly basis at the monthly market value as the 1700000 dlrs of engineering work is completed It said it does not expect more than 400000 warrants to be converted over the next 12 months

Reuter