THE Canadian mining company, Sacre-Coeur Minerals yesterday announced that it will be selling shares to raise Cdn$1.225M for further expansion of its activities here.
A release from the company disclosed that the available shares will be sold through a non-brokered private placement , with  a maximum of 1.75 million units at Cdn$0.70 each.

Non-brokered private placement involves the sale of shares to private sources rather to the public, with investors such as  large banks, mutual funds, insurance companies and pension funds being the usual buyers.
Sacre-Coeur presently has an interest in approximately 1,000 square kilometres of mineral properties in Guyana and the funding raised will be used as working capital, the release said.
The units will consist of one share in the company and one half share purchase warrant, allowing subscribers to buy one additional share in the company for Cdn$1.
Sacre-Coeur said it reserves the right to pay a cash finder’s fee, of up to seven per cent of the total gross proceeds of the offering.
The company has spent the past few years testing and advancing a number of prospective targets in Guyana, predominately focused on gold mineralization but also on diamonds.
More recently, it sharpened its focus on the potential of alluvial gold deposits, which require comparatively low capital expenditure, as compared to hard rock mines, to put into production.
The company’s properties include the one at Million Mountain in the Mazaruni Mining District.
Sacre-Coeur began selling gold produced at its Million Mountain operations in the middle of last month and disclosed that initial shipments, totalling 30 troy ounces, were being sold to the Guyana Gold Board (GGB) at London PM fixing price on the day of sale, less royalty payable to the Government, equal to five per cent of the settled value.
Following the inaugural shipment, production will be sold, periodically, to GGB, as the company continues testing operations, the latter disclosed.
Sacre-Coeur also said it is currently preparing for full scale production and the output is expected to gradually increase as it moves, incrementally, towards this goal over the next few months.