Mining start-up looks to raise capital
October 2, 2006
General Metals Corp., a start-up mining company based in Reno, hopes to raise up to $2 million through an equity financing.
In a filing with the Securities and Exchange Commission, the publicly traded company said it retained a specialist in equity financings in August, but terms of the offering of stock and warrants haven’t been established.
General Metals owns the Wilson Independence gold and silver mine in Lander County 30 miles south of Battle Mountain. The 240-acre property is surrounded by land controlled by Newmont Mining, which operates the Phoenix Mine nearby.
In the SEC filing, General Metals said it lost $174,384 during the quarter ended July 31 compared with a loss of $165,843 a year earlier. The company hasn’t posted significant revenues.