Placer Dome (TSE) has increased its interest in Cazador Explorations (VSE) to about 18% through the purchase of 220,000 additional units for $121,000. The funds will be used for geological mapping, prospecting, soil sampling and some drilling on the Hanson Lake copper-gold- silver property in central British Columbia.
Each unit consists of one flow- through common share and one non-flow-through share purchase warrant exercisable on or before March 1, 1991 at 65 cents per share.
In addition, Placer has purchased 35,000 shares of the company for a total cost of $15,750 through the exercise of warrants acquired in a private placement last September. It has also agreed to purchase a further 90,000 shares for $40,500 by exercising the balance of the warrants on or before April 15.
After the private placement and all the warrants are exercised, Placer will hold 682,500 shares, or about 21% of the 3.3 million Cazador shares outstanding.
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