Consolidated Texas Northern Minerals Closes Private Placement.VANCOUVER, British Columbia--(BUSINESS WIRE)--April 23, 1997-- CONS. TEXAS NORTHERN (VSE See DOS/VSE. VSE - Virtual Storage Extended :CXH CXH Vancouver, British Columbia, Canada - Vancouver Harbour Airport (Airport Code) .) The Company is pleased to report that it has closed its Private Placement of $4,347,631 Special Warrants. Each Special Warrant consists of a unit. Each unit is comprised of a share and a share purchase warrant exercisable at a price of $0.19 during the first year and $0.22 during the second year. The gross proceeds of the Private Placement equal $826,049.89. These proceeds will be used to explore the MAC claims located adjacent to Kennecott/Southern Era in the Lac de Gras Lac de Gras is a lake approximately 300 km north of Yellowknife, Northwest Territories, Canada. Lac de Gras was the centre of the Canadian diamond rush of the 1990s. There are two working diamond mines in the area, Ekati Diamond Mine, and Diavik Diamond Mine. area of the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. . The operator of the project, Canamera Geological Ltd. ("Canamera"), has recently picked 158 samples on the MAC claims to better define the existing mineral trains on the property. These samples are in addition to the 301 samples referred to in the Company's January 13, 1997 news release and have been sent for processing to Canamera's lab in North Vancouver. Further news on the development of potential kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. targets will be forthcoming as the Company proceeds with its planned spring and summer diamond exploration and drill program. The Company also announces that David Clark has resigned as the President and a Director of the Company. He will be replaced by Michael Sweatman. Elaine Lester has also resigned as the Corporate Secretary and a Director of the Company. Brian Tingle will replace her in both capacities. Mr. Sweatman is a Chartered Accountant, by profession, who brings to the Company wide ranging business experience in the natural resource industry. During the past three years he has been involved in exploration endeavours both internationally and domestically and was the President of the Yukon Energy Corporation Yukon Energy Corporation (YEC) is a subsidiary of Yukon Development Corporation - a crown corporation of the Yukon territorial government in Canada - and was established in 1987 to take over the Yukon assets of the Northern Canada Power Commission. , a crown corporation that provides electrical power to the resource industry. Mr. Tingle possesses a background in accounting and banking and has been involved in diamond exploration for over a year. ON BEHALF OF THE BOARD OF DIRECTORS OF CONSOLIDATED TEXAS NORTHERN MINERALS LIMITED Andrew Walker, Director The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release. CONTACT: Consolidated Texas Northern Minerals Limited Andrew Walker, 604/688-6306 Fax: 604/ 688-9519 |
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