Business
Dynacor Gold Mines Inc., wholly-owned subsidiary of Malaga Inc., raises CA$4 million
Dynacor Gold Mines Inc., wholly-owned subsidiary of Malaga Inc., raises CA$4 million.
About this update from M3 Metals Corp.
[{"type":"text","content":"\n\n\n\nMalaga Inc. (Malaga)\n\n\nSymbol: MLG\n\n\nToronto Stock Exchange\n\n\nMONTREAL, Aug. 9 /CNW Telbec/ - Malaga is pleased to announce that\nDynacor Gold Mines Inc. ("Dynacor"), currently a wholly-owned subsidiary of\nMalaga, has recently completed the closing of a CA$4 million financing, the\nproceeds of which are being held under escrow until the common shares of\nDynacor are listed on a recognized Canadian exchange. D&D Securities Company\nof Toronto, Ontario, acted as lead agent in this transaction. The funds will\nbe used by Dynacor to undertake the exploration and drilling programs planned\nfor fall 2007. The work will be done mainly on the Tumipampa and Casaden\nproperties.\n\n\nSPIN OFF\n\n\nMalaga is working diligently toward the spin-off of its gold assets into\na new public company, namely Dynacor. The new company will hold all of the\ngold assets including the Acari mill, from which gold is produced through\ncustom milling, as well as the Casaden and Tumipampa properties.\n\n\nMalaga expects the filing of the preliminary prospectus of Dynacor to be\ncompleted within the next upcoming days. The spin-off of its gold assets to\nDynacor is expected to be completed soon thereafter. A follow-up press release\nwill then be issued announcing the declaration of a stock dividend and the\ndistribution date for the distribution of the shares of Dynacor to the\nshareholders of Malaga.\n\n\nCOMPANY PROFILE\n\n\nMalaga is a mining company, which owns and operates through its\nsubsidiaries, a tungsten mine and gold plant with mining and exploration\nactivities focused in Peru. It holds 100% interest, and operates the Pasto\nBueno tungsten mine. In addition, the Company holds 44% interest in the\nPeruvian company called Hidroelectrica Pelagatos. This corporation operates\nthe hydroelectric potential of the Pasto Bueno property.\n\n\nMalaga focuses on efficient and productive mining practices, in order to\noptimize current operations. The Company is committed to growth, through\nincreasing its production levels, continuing exploration projects on existing\nproperties and through strategic acquisitions. It also seeks diverse growth\nopportunities such as the hydroelectric potential through Hidroelectrica\nPelagatos.\n\n\n","length":2327,"tagName":"div"}]