Through a proposed limited partnership financing, San Andreas Resources (TSE) is seeking to raise exploration funds of $4.3-10.4 million for its Prairie Creek project in the Northwest Territories.
By subscribing to up to 500 units in the partnership at a price of $22,500 per unit, investors are entitled to earn up to a 5% interest in the project, which hosts a resource of 10.6 million tonnes grading 13.1% zinc, 11.3% lead and 188 grams silver per tonne. The proposal requires that a minimum of 210 units be purchased.
Providing the partnership spends the proceeds on exploration in 1996 and 1997, the limited partners can convert the units into shares of San Andreas in January 1998 at the rate of 10,000 shares per unit.
San Andreas will use the proceeds to advance Prairie Creek to the feasibility study stage.
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