ABM Gold Corp will use the proceeds of an initial public offering of seven mln shares of stock at 10 dlrs a share to increase its interest in three Canadian companies said co-managing underwriters PaineWebber Inc and Advest Inc. ABM Gold manages and develops properties of Sonora Gold Corp &lt;SON.TO> Goldenbell Resources Inc &lt;GBL.TO> United Gold Corp &lt;UGC.V> and Inca Resources Inc &lt;IRI.TO>. Proceeds will be used to raise its stake in Sonora buy a 15 pct interest in the net profits of Sonoras Jamestown mine and buy capital stock of Goldenball and United they said. ABM Gold explores acquires and develops gold properties in California and also processes gold-bearing ore into gold bullion. The co-managing underwriters said they are selling 3.5 mln shares in the U.S. and Canada while an interational offering will be managed by PaineWebber International. The underwriters have been granted an option to buy up to an additional 105000 shares to cover over-allotments.
ABM GOLD TO RAISE INTERESTS IN CANADA COMPANIES