|T.S.E. SYMBOL: SAO
S.E.C. Registration: 0-22216
|Closing Of Private Placement|
|Vancouver, British Columbia, April 16, 1999:
San Andreas Resources Corporation (the "Company") announces that it has closed a private placement of 2,000,000 units at a price of $0.17 per unit to raise gross proceeds of $340,000. A unit is comprised of one common share in the capital of the Company and one-half of a non-tranferable share purchase warrant. Each warrant will entitle the holder to purchase one common share in the Company at a price of $0.20 per share on or before November 30, 1999. These securities will not be qualified by a prospectus. The brokered private placement of units was done on an agency basis by IPO Capital Corp. (the "Agent") and a commission of 7% of gross proceeds will be satisfied by the issue of 70,000 units to the Agent and the balance in cash.
The proceeds of the financing will be used for further exploration in the Northwest Territories and for working capital.
|FOR FURTHER INFORMATION PLEASE CONTACT:
SAN ANDREAS RESOURCES CORPORATION
|Tony Millar, Chairman & C.E.O.||(UK):||011 44 1252 794740|
|Alan Taylor, President||(CANADA):||(604) 688-2001|