Our new partner in the Congo has had quite the run, I suppose we can hope for similar things for Starpoint.
Under $.05 to 2.38 in less than 6 Months.
bigcharts.com
www2.cdn-news.com
FOR FURTHER INFORMATION PLEASE CONTACT:
Global Explorations Corporation
Betty Anne Loy
Corporate Secretary
(604) 689-5598
or
Quadrant Financial Corporation
Betty Anne Loy
Corporate Secretary
(604) 689-5598
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: GLOBAL EXPLORATIONS CORPORATION
VSE SYMBOL: GXC
AND QUADRANT FINANCIAL CORPORATION
VSE SYMBOL: QFL
JULY 16, 1999
Global Explorations and Quadrant Financial Notice to
Shareholders
VANCOUVER, BRITISH COLUMBIA--This document is important and
requires your immediate attention. If you are in any doubt as to
how to deal with it, you should consult your investment dealer,
lawyer or other advisor.
/T/
IMPORTANT NOTICE
to
DIRECTORS and SHAREHOLDERS
of
GLOBAL EXPLORATIONS CORPORATION and
QUADRANT FINANCIAL CORPORATION
in respect to a
TAKEOVER BID
of the Common Shares of
GLOBAL EXPLORATIONS CORPORATION
/T/
"You are hereby informed that the undersigned, in conjunction with
certain other entities to be specified in due course, is in the
process of completing preparations for a takeover bid for the
shares of Global Explorations Corporation ("Global") as outlined:
1. The takeover bid will be conducted through a non-Canadian
corporation in which the undersigned and other entities
(collectively, the "takeover group") will have identified
beneficial interests.
2. It is envisaged that the non-Canadian corporation will be
publicly traded outside Canada.
3. The takeover bid will be for all issued and outstanding shares
of Global and will result in Global becoming a subsidiary of the
non-Canadian corporation.
4. The takeover bid is driven by the underlying assumption that
the major shareholders of Global will tender - subject to
satisfactory review of the takeover bid circular - their shares in
exchange for shares (in a proportion to be specified) of the
non-Canadian corporation; the undersigned wishes to clarify that
the takeover group includes certain shareholders who, at this
moment, do not form part of the "control position" declared by the
undersigned as per the requirements of the British Columbia
Securities Commission and any 'additional' commitments or
expressions of interest have been obtained as a consequence of
fairly recent developments.
5. The takeover bid anticipates that all shareholders will be
offered either an exchange of Global shares for shares of the
non-Canadian corporation or cash at the price of Global shares at
the time of the relevant "halt trading" notice by the Vancouver
Stock Exchange, or C$ 2.32 per share;
6. Preparations for the "bid circular" are currently under way
and a detailed timetable will be available shortly;
7. Whereas, the timing and urgency of the takeover bid has
certainly been influenced by the halt in trading of the securities
of Global, the takeover bid mechanisms being implemented
immediately will remain independent of any decision the VSE might
take in relation to the trading of the securities of Global on the
VSE;
8. For information purposes, preparations are also being made for
a similar takeover bid for the issued and outstanding shares of
Quadrant Financial Corporation though related details will follow
the completion of the takeover bid circular for Global;
9. In every respect, the takeover bid outlined above must conform
to regulatory guidelines as and where applicable and, in this
regard, Mr. Steven Sobolewski has been appointed as counsel for
the takeover group;
10. Further material information on the takeover bids will be
released as it becomes available through channels determined by
regulations or practice;
11. All shareholders of Global should be alert to the fact that,
despite intentions of the undersigned or his associates, tendering
of shares pursuant to a bid circular may not necessarily be in
their best interests or may result in certain tax consequences.
Shareholders, therefore, are unequivocally recommended to take
qualified advice before making any conclusive decisions.
12. The shareholders of Global should also be aware of the fact
that, despite the best efforts of the undersigned or his
associates, the timing for the completion of any takeover bid
remains conditional to a number of procedural and regulatory
measures and, though every effort will be made to inform
shareholders about any inherent delays, shareholders must revert
to independent and qualified opinions in this regard.
13. Since the undersigned cannot make any claims relating to the
trading (or otherwise) of Global's shares at the VSE, shareholders
are encouraged to address any questions in this regard to either
their counsel, the VSE or Global's corporate offices.
14. In fairness to all shareholders, efforts will be made to
ensure that the period during which the takeover bid is valid
falls in line with and overlaps the trading of Global's shares at
the VSE; nevertheless, the undersigned has fundamental and well
grounded reasons to believe that any delays beyond a reasonable
target date will have a direct and negative impact upon corporate
valuations for Global.
15. At this juncture, no valuations supporting any exchange of
shares or cash offers are being presented; though such valuations
might be available in due course, they may not conform to certain
standards set by regulatory authorities and, in any event, may
contain a high degree of discretionary content. Shareholders are
again advised to obtain independent and qualified advice in this
regard.
16. This notice is intended to provide shareholders of Global
(and Quadrant Financial Corporation) with a timely knowledge of
the explicit intentions and actions of significant shareholder/s
of the subject companies and, with that perspective, is further
intended to negate any unfair advantage in the trading of the
subject securities either on or off the VSE. This notice cannot
and must not be assumed to be an adequate or binding replacement
for the "bid circular" to follow and, though it is the intention
of the takeover group to adhere to the broad outlines contained
herein, circumstances beyond the group's control may force
adjustments in the final terms and conditions.
17. The takeover group continues to be motivated by the
particular vision propagated by Global's management to date as
evident in numerous news releases - low risk, cash flow oriented
opportunities within Africa and within the larger trading
environment in rough diamonds - and shareholders are further
advised to assess whether their investment fundamentals indicate a
conformity with, or departure from, what will certainly constitute
the proposed direction and dynamics of the non-Canadian
corporation conducting the takeover bid.
18. In fairness to all shareholders, the takeover group will not
entertain any private inquiries governing potential transactions
from any shareholder; shareholders should await receipt of the
appropriate takeover bid circular in order to undertake any type
of comprehensive analysis on the subject. The takeover group
will, however, attempt to publicly disclose material developments
in the takeover process as and when deemed necessary.
19. The Vancouver Stock Exchange has not approved this notice and
nor has such approval been sought."
Rakesh Saxena
On behalf of the takeover group |
