Ecuadorian Minerals Corporation -
Ecuadorian to issue shares for partial payment of drilling costs
Ecuadorian Minerals Corporation EMCShares issued 44,910,9511999-06-08 close $0.9Wednesday Jun 9 1999Mr. Stephen Kay reports Ecuadorian Minerals (EMC) has reached an agreement with Connors Perforaciones S.A. (Connors S.A.), a wholly owned Ecuadorian subsidiary of Connors Drilling Ltd of Kamloops, B.C., whereby EMC will issue to Connors S.A. 101,875 shares at 72 Canadian cents per share with a deemed value of $50,000 (U.S.). The cash value of this share payment represents 25 per cent of the estimated $200,000 (U.S.) cost of the planned 2,000-metre diamond drilling program at EMC's Beroen gold/silver project in Ecuador. This drilling program is scheduled to start in mid-June. Issuance of the shares is subject to regulatory approval. In addition, EMC has granted a total of 550,000 incentive share options pursuant to its stock option plan, including 325,000 to directors and officers and 225,000 to employees and consultants. The exercise price is 90 Canadian cents per share until June, 2009, and the granting of these options is subject to regulatory approval. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
