News out on PNWC
Wednesday May 8, 8:18 pm Eastern Time
Press Release
SOURCE: Industrial Minerals Inc.
PNW Capital Acquires 100% Of Industrial Minerals Incorporated
TORONTO--(BUSINESS WIRE)--May 8, 2002--PNW Capital (OTCBB:PNWW - news)
announced today it completed the statutory merger of 100% of Industrial Minerals Inc.
into the Company on April 30, 2002.
In addition to the previous issuance of 31,511,750 common shares for at least 90% of
Industrial Minerals Inc., an additional 3,488,250 shares owned by shareholders of
Industrial Minerals Inc. were converted to 3,488,250 shares of PNW Capital in order to
achieve 100% ownership. PNW Capital issued a total of 35 million of its common shares
to complete the transaction.
There are currently 36,031,259 common shares of PNW Capital outstanding.
On May 1, 2002, the Company changed its name from PNW Capital Inc. to Industrial
Minerals Inc. and moved into its corporate office in Toronto.
Industrial Minerals Inc. owns 100% of the undivided interest in the Bissett Creek Graphite
patented mineral lease located in Maria Township in Southern Ontario, Canada. The
property is comprised of 28 patented claims covering an area of approximately 504
hectares (1,245 acres). It has been the subject of substantial earlier exploration drilling,
trenching and metallurgical test work by KHD Canada, Kilborn Engineering, Pincock Alan
and Holt and Cominco Engineering Services. Industrial Minerals also holds the rights to
produce graphite using a patented dry production process.
Disclaimer: Statements, which are not historical facts, are forward-looking statements.
The Company, through its management, makes forward-looking public statements
concerning its expected future operations, performance and other developments. Such
forward-looking statements are necessarily estimates reflecting the Company's best
judgment based upon current information and involve a number of risks and
uncertainties, and there can be no assurance that other factors will not affect the
accuracy of such forward-looking statements. It is impossible to identify all such factors.
Factors which could cause actual results to differ materially from those estimated by the
Company include, but are not limited to, government regulation, managing and
maintaining growth, the effect of adverse publicity, litigation, competition and other
factors which may be identified from time to time in the Company's public
announcements.
Contact:
Industrial Minerals Inc., Toronto
John Melnyk, 416/979-4621 |
