Petromet, Greenstrike work on Onitap’s Nova Scotia bet

A $300,000 exploration program is slated for Toronto-listed Onitap Resources’ Nova Scoita mining properties to be completed by Feb 28, 1987.

The 37 contiguous claims which include four former gold producers are located near Isaac’s Harbour in Guysborough Cty. The work to be done by Petromet Resources and Greenstrike Gold Corp. will include geophysical studies over the four former mines and diamond drilling on the most interesting targets.

Upon completion of the program, Petromet and Greenstrike will be entitled to a 15% undivided interest in the properties which may be exchanged for 1.2 million units. Each unit consists of one common share and one common share purchase warrant entitling the holder to purchase one common share at 35 cents per share at any time up to June 30, 1987.

In other company news, Onitap has privately placed with Guaranty Trust Company of Canada (UK) one million units at 25 cents per unit. Each unit consists of one common share and one common share purchase warrant entitling the holder to purchase one common share in the capital of the company at 35 cents per share to Dec 31, 1987. The funds raised through this private placement will be used for working capital.