COATS(over-the-counter) Canquest active again

On the verge of issuing a new prospectus, Canquest Resource traded 289,500 shares, closing up 15 cents at 55 cents for the week ended May 15. Canquest President John Bissett says the company hopes to raise $1.1-1.7 million to finance exploration on its four previously dormant precious and base metal properties in British Columbia. Staking in the recently reopened land caution area near Cobalt, Ont., Pelangio Larder Mines has picked up eight claims, 25 miles south of the Kirkland Lake gold camp. Pelangio says the new property encompasses the 1,000-ft. long Taylor vein, the highest-grade gold showing in the area, according to a 1941 government report. Pelangio will begin stripping and sampling on the property as soon as field conditions permit. The company’s shares were 30 cents bid, 35 cents ask for the week.

In exchange for the cancellation of their $250,000 debt, Eastern Goldfields has completed a private placement of 657,894 units to Tina Lawrence Management. A separate private placement netted $250,000. According to Pelangio, the company now has sufficient funds to register on the Alberta Stock Exchange and to finance exploration on its Shamrock gold prospect in Newfoundland.

Recently active, Sumtra Diversified traded 103,285 shares and closed at $1.20, up 20 cents from last week. Sumtra says it knows of no reason for the recent trading activity.