Belmoral Mines Ltd said it agreed inprinciple for the 26 mln dlr sale of four mln units priced at
6.50 dlrs each to investment dealer McLeod Young Weir Ltd,
subject to board and regulatory approvals.
    Holders will be allowed to exchange the units after
September 15, 1987 for one common share and one common share
purchase warrant of Belmoral, the company said.
    Each warrant holder will have the right to purchase one
Belmoral common share for 8.50 dlrs before January 15, 1990.
McLeod Young Weir plans to resell the units to institutional
and private investors, mainly in Europe, Belmoral said.
 Reuter
