Vancouver-listed Sands Mineral Corp. has raised $275,000 for exploration work in the Pangis-Batchawana and Favourable Lake areas of northern Ontario. About $150,000 has been budgeted for drilling on the two properties.
The money was raised through a placement of 550,000 units through agents Canarim Investment Corp. Each 50 cents -unit consisted of one share and two series A purchase warrants. Two warrants plus 52 cents buys one share until July, 1987.
There are now 2,153,789 shares of Sands issued and outstanding. They were trading recently at 47 cents , giving a market capitalization of about $1,012,000. If all series A and agent’s warrants are exercised, that total would increase by 825,000 shares.
Sands has also acquired 24 claims in the Pickle Lake area and is negotiating to acquire ground in southeastern Ontario.
The company is run by John H. Sadowski, who is also president of Massive Energy and Master Resources & Development.
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