Australian- based Sandhurst Mining N.L, through its wholly-owned subsidiary, Levelscope Ltd., has agreed to purchase 19.9% of the outstanding shares of Canadian-United Minerals. The company will spend $1,270,000 to get 325,000 units consisting of one share and one warrant to purchase an additional share for $2.10. The unit price will be $1.60. In addition, it will purchase 500,000 shares from a group of Canadian-United shareholders for $1.50 per share.
The transaction will not result in a change in control of Canadian- United. The company plans to use the funds for a 5,000- ft drill program on its Fireweed polymetallic prospect located 10 miles west of Noranda’s Bell mine in central B.C.
Sandhurst recently acquired a stake in another Vancouver company, Queenstake Resources.
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