Big Valley to acquire 100% interest in QR mine
Big Valley Resources Inc BV
Shares issued 20,234,310 Jun 15 close $0.43
Wed 16 Jun 99 News Release
Mr. Lloyd Tattersall reports
On May 20, 1999, Big Valley Resources announced in Stockwatch that it had
entered into a purchase agreement with Kinross Gold Corporation under which
Big Valley will acquire a 100-per-cent interest in the QR gold mine. The QR
gold mine is 58 kilometres southeast of Quesnel, B.C., and was operated by
Kinross from June, 1995, to April, 1998.
Big Valley will pay Kinross $3-million for a 100-per-cent interest in and
to all mining leases, mineral claims, open pit and underground mine
workings, the existing mill complex and all related property and assets.
The cash purchase price of $3-million was originally to be placed in trust
by June 15, 1999. At the request of Big Valley, Kinross has extended the
date for commitment of the purchase funds until June 22, 1999.
Big Valley has completed its due diligence and is in the process of
finalizing the terms of a financing to provide the $3-million purchase
proceeds.
On May 20, 1999, Big Valley also announced in Stockwatch a non-brokered
private placement of 875,000 units. Subject to Alberta Stock Exchange
acceptance, the size of this private placement will be increased to
1,375,000 units. As previously announced, the purchase price of the units
will be 40 cents and each unit will consist of one common share and one
warrant. Each warrant will entitle the holder to purchase one additional
common share at a price of 50 cents within a two-year period. Proceeds of
$550,000 from the sale of the units will be used as general working capital
and to finance due diligence related to the acquisition of the QR gold
mine. |
