Lockwood, Seadrift deal

An interest held by Lockwood Petroleum in the Cameron Lake mine project shared by Echo Bay Mines and Nuinsco Resources, has been sold. Lockwood, which held 17.3%, has sold its stake to Seadrift International Exploration for $1.1 million. Also, Lockwood will receive warrants to purchase 300,000 Seadrift shares at $3 per share until Nov 20, 1989.

Lockwood also plans to acquire 300,000 Seadrift shares at $2 per share. The Cameron Lake property is located in northwestern Ontario.

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