Mandorin amends eBillings agreement
Mandorin Goldfields Inc MGD
Shares issued 28,991,228 Feb 23 close $0.73
Tue 19 Sept 2000 News Release
Mr. Malcolm Stevens reports
The company has provided the following update:
eBillings Inc.
Due to a temporary change in market conditions it has been necessary to
amend the June 29, 2000, definitive investment agreement among the company,
Oyster Ventures Limited, e-billing company Inc. and eBillings, Inc.,
announced in Stockwatch July 5, 2000. An amending agreement was signed on
Sept. 18, 2000, to amend the investment agreement and other related
agreements. The amendments primarily relate to the obligations of Oyster
Ventures Limited and e-billing Company, Inc. in relation to the
organization and financing of eBillings, Inc. The company's obligations
under the investment agreement, which are subject to necessary regulatory
and shareholder approvals, remain substantively the same.
The company has been advised by eBillings, Inc. that a letter of intent to
provide billing and payment services to an emerging call centre operator
(ServeLink) has been signed and the terms of such services are being
negotiated. ServeLink, a member of the Oyster Group, is currently under a
takeover offer from NuGold Hill Mines Limited, an Australian listed
company.
Under the sponsorship agreement with Golden Capital Securities Ltd., in
connection with the company's proposed acquisition of a 50-per-cent
interest in eBillings, Inc., the company has agreed to issue Golden Capital
50,000 units at a deemed value of 60 cents per unit and to pay Golden
Capital $10,000 in connection with Golden Capital's corporate finance fee.
Each unit consists of one common share of the company and one warrant to
purchase one common share at 60 cents per share for a one-year term. The
issuance of the units to Golden Capital is subject to regulatory approval.
The company is continuing to work diligently on finalizing transaction
documents that are required in order to obtain resumption of trading of its
shares.
Resignation of director
Effective July 17, 2000, Jon Swire-Thompson, chairman and director,
resigned his position on the board of directors. Given the company's entry
into the IT sector, Mr. Swire-Thompson elected to step aside in order to
provide the company with the opportunity to identify a new board member(s)
with the expertise necessary to assist in advancing the company's
technology arm. Mr. Swire-Thompson played a crucial role in the company's
evolving success in Zimbabwe and will remain accessible to the company on a
consulting basis as the Zimbabwe mining claims develop. The board has
expressed deep gratitude to Mr. Swire-Thompson for his invaluable
contribution to the company and wish him every success in his future
endeavours.
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