The company recently acquired a 10% working interest in six sections of oil and gas lands in southeastern Alberta and is also participating in a gas exploration play in Texas.
At the annual meeting, shareholders gave their approval to changing the company’s name to Silver Butte Resources and increasing the capitalization of the company by creating a class of preferred shares.
Silver Butte recently announced a private placement with Canarim Investment Corp., for 400,000 units comprising one common share and a warrant to purchase half a share. Proceeds from this placement will be used to fund a portion of the company’s mineral exploration activities and its petroleum and natural gas participations.
President L. P. Starck says further financing may be required this year to fund the company’s anticipated share of the SIB Eskay Creek joint venture in northern British Columbia. The company also has gold projects in the Swayze area of Ontario and in the Mexican state of Sonora.
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