FINANCING (September 07, 1992)

Sundance Res. Ltd. – 2,200,000 shs with 200,000 guaranteed (initial shs) @ 23 cents per sh and 2,000,000 shs on a Best Efforts basis (“remaining shs”) @ prevailing market price subject to a minimum of 20 cents.

Arrowhead Res. Ltd. – 4,000,000 shs with 2,000,000 shs guaranteed @ 23 cents per sh and 2,000,000 shs on a Best Efforts basis @ the market price subject to a minimum of 20 cents.