Hello gopherbroke;
NEWS RELEASE;
Barrick to subscribe for one million Opawica units
Barrick Gold Corp ABX
Shares issued 376,475,371 Feb 11 close $27.95
Fri 12 Feb 99 News Release
Mr. Dan Clark of Opawica reports
Barrick Gold has agreed to subscribe for one million units of Opiwaca
Explorations Inc. at $1 per unit, for proceeds to Opawica of $1-million.
Each unit consists of one common share and one common share purchase
warrant. Each warrant entitles Barrick to purchase one common share of the
company at $1.25 per share. Warrants have a two-year term.
Option and Joint Venture Agreement
In addition, the principal terms of an agreement have been reached whereby
Barrick has the option to acquire up to a 70 per cent interest in any
Opawica property within the Valle del Cura - El Indio region of Argentina,
within the next three years. Opawica presently owns, or has under option,
over 150,000 hectares of properties in this region of Argentina.
Barrick may earn its 70 per cent interest, in the said Opawica properties,
by making cash and exploration expenditures in total of 250 per cent of all
costs incurred by Opawica, on a specific property, up to the date that
Barrick elects to exercise its option on such property. Opawica will carry
out a minimum $500,000 (U.S.) in exploration and property costs over the
next two field seasons on its 150,000-hectare Valle del Cura property
holdings and toward assessing other properties for possible acquisition.
The transactions noted above are subject to final documentation and
regulatory approval.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
Interesting that this should come so soon after the expiry of the ARP bid this week??.........Looks as if ABX is waisting no time trying to lock up land in this area??
With regards,Frank |
