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From: Contiki Resources Ltd. (TKI)
contikiresources.com
mailto:info@contikiresources.com
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Re: News Releases - Tuesday, July 06, 1999
Private Placement Completed
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Contiki Resources Ltd. is pleased to announce significant progress on its
entry into the Internet soccer pools betting business through the acquisition
of the GoldenGoals.com business.
The non-brokered private placement announced by Contiki on June 3, 1999 has
been completed. The private placement consisted of 1,666,667 units at a
price of $0.30 per unit, with each unit consisting of one common share and
one-half of one non-transferable share purchase warrant. Each whole warrant
entitles the holder to purchase one additional common share of Contiki at a
price of $0.75 per share expiring December 17, 1999. The shares, together
with any shares issued on exercise of the warrants, will be subject to a hold
period in British Columbia expiring at midnight on October 17, 1999.
Gross proceeds of $500,000 acquired from this private placement will be used
to complete the acquisition of Alternative Card Company Ltd., a UK based
company that owns the GoldenGoals.com business, and for working capital
purposes. Contiki has advanced $100,000 to Alternative Card Company Ltd. to
cover past costs incurred and development costs up to the launch of the
GoldenGoals.com game. Development is on schedule and in-house testing of the
website is now in progress with completion expected by the end of July 1999.
Contiki has engaged Golden Capital Securities Ltd. to act as Contiki's
sponsor for its change of business as previously disclosed in Contiki's June
4, 1999 news release. Golden is in the process of filing the Pre-Listing
Application required by the Vancouver Stock Exchange and is completing the
due diligence review required by local policy 3-17.
An Extraordinary General Meeting of Contiki shareholders will be held on July
16, 1999 to vote on the acquisition of Alternative Card Company Ltd. the
owner of GoldenGoals.com business.
Betting on soccer games is a very large business in the UK, estimated at over
£500 million ($1.2 billion) annually. GoldenGoals.com will offer an easy, low
cost, fun way to win big prizes by forecasting English Premier League Soccer
scores. The guaranteed top prize of £1 million ($2.4 million) is expected to
attract many players. Other prizes will be paid as a portion of the pool of
stakes collected. GoldenGoals.com operations will be based in the UK and
designed to attract English Premier League soccer fans worldwide. The
business will be fully licensed and regulated by the British Government.
ON BEHALF OF THE BOARD
"D Neil Briggs"
D. Neil Briggs
Director
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Copyright (c) 1999 CONTIKI RESOURCES LTD. (TKI)
All rights reserved. For more information, please visit our
website at contikiresources.com
or send electronic mailto:info@contikiresources.com
Message sent on Tuesday, July 06, 1999 at 8:45:42 AM Pacific Time
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