Farallon Resources plans to conduct C$30 million private placement

By Sheri Kasprzak

New York, July 13 - Farallon Resources Ltd. said it plans to head to the PIPE market with a C$30 million offering of stock.

The pricing terms have not been determined.

The deal is being placed through a syndicate of agents, which has a greenshoe for up to C$7.5 million.

The placement is set to close Aug. 23.

Proceeds will be used for surface exploration, project engineering and construction of an underground exploration decline at the G-9 deposit at the Campo Morado project in Mexico. The rest will be used for working capital.

Vancouver, B.C.-based Farallon is a mineral exploration company.

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