St Andrew Goldfields Ltd SAS TSE February 17, 1997
Raises $ 3,400,000
St Andrew Goldfields Ltd. announced that it has completed a PRIVATE FINANCING for a gross proceeds of $3,400,000 by the issuance of (i) 4,000,000 common shares of the Company at $0.40 per share, and (ii) 3,999,998 common shares on a flow-through basis at $0.45 per share.
$1,800,000 of the net proceeds of the financing will be used by St Andrew to finance its ONGOING EXPLORATION PROGRAM along the Porcupine- Destor gold belt in the Timmins gold camp. The balance of the financing proceeds will be used for working capital purposes. St.
James Securities Inc. acted as agent in connection with the financing.
St Andrew is currently following up on its successful 1996 exploration program which has DOUBLED OVERALL GOLD RESOURCES. Charles Gryba, President of St Andrew Goldfields, says that the Company through its 1997 EXPLORATION PROGRAM PLANS TO CONTINUE expanding its resource base through step out drilling and ongoing testing of new Real Section IP anomalies. St Andrew also intends to add to existing reserves through infill drilling in preparation for embarking on further underground development.
Presently, St Andrew has FIVE (5) DRILLS ACTIVE on its properties in the Timmins area; three (3) drills on the Taylor minesite, and one each on the Stock and Hislop minesites.
St Andrew Goldfields Ltd. is a Canadian gold exploration and mining company with three permitted mining properties, a modern 1,000 tonnes per day mill that will start custom milling in 1997 and more than 40 square miles of prime exploration properties in the prolific Timmins gold camp of Northern Ontario.
TEL: (416) 597-0969 Mark Waychison, Investor Relations |
