The two geologists had previously announced plans (N.M., Mar 6/89) to form a private company and then amalgamate with Perrex Resources (ASE), Alberta Gold Exploration (ASE) and Gwen Resources (ASE). Those three companies are controlled by Alexander Perron, a Kirkland Lake, Ont., prospector.
The amalgamation was not concluded, however. Now Sheehan and Valliant have raised $500,000 from two dozen investors to conduct mineral exploration through a private company, Tri Origin Exploration. The investors have rights to invest a further $500,000. Sheehan and Valliant have retained more than 50% of the issued stock in the private company.
The two explorationists would not identify the location of their mineral prospects except to say that they were in very “hot” areas.
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