LESIS INDUSTRIAL GROUP - SHAREHOLDERS APPROVE
MERENDON MINING ACQUISITION
1997-09-09
EDMONTON, ALBERTA
Further to the Corporation's News Releases dated May 16, June 30
and July 3, 1997, the Corporation is pleased to announce that at
its Annual General Meeting held on September 5, 1997 its
shareholders approved the proposed acquisition of the shares of
Merendon Mining Corporation Ltd. ("Merendon"). Completion of the
transaction is also subject to the approval of the shareholders
of Merendon at a meeting scheduled to be held on September 15,
1997. It also remains subject to approval of The Alberta Stock
Exchange ("The Exchange"). As previously announced, the Corporation
did on June 30, 1997 submit to The Exchange the report of TS
Squared Consulting Ltd. on the Honduras mineral concessions owned
by Merendon's subsidiary, as well as the report prepared for the
Corporation by Inceptus Investments Ltd. By letter dated August 26,
1997 The Exchange requested certain additional information to allow
its consultant to adequately assess the merits of some of the
properties and in particular the El Pacon and El Naranjal
Concessions, as well as confirmation of past exploration
expenditures on Merendon's properties and confirmation of tenure or
extensions thereof on the various properties. Mr. Anthony G. Speed
of TS Squared Consulting Ltd. has been in Honduras at the site of
Merendon's Concessions for the past week to update his report in
response to the comments of The Exchange and management expects to
have his updated report within a week.
Management expects that the updated report will resolve all of The
Exchange's outstanding comments and that approval of the
shareholders of Merendon to the transaction will be forthcoming
on September 15, and have instructed counsel to continue to work as
quickly as possible toward concluding the definitive agreement and
proceed to close the transaction forthwith after approval of
The Exchange. As is The Exchange's practice when a proposed
transaction involves a change in the business direction of a listed
corporation, trading in the Corporation's shares will remain halted
pursuant to The Exchange's Circular No. 8 of its Policies and
Procedures Manual, pending The Exchange's approval of the proposed
transaction.
THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT OF THE CORPORATION AND
THEY ACCEPT FULL RESPONSIBILITY FOR ITS ACCURACY. THE ALBERTA STOCK
EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED THE INFORMATION
CONTAINED HEREIN.
For further information, contact,
Mr. Leonard Jaroszuk, President
Telephone: (403) 424-4293
Telecopier: (403) 429-0503 |
