Prospectors Alliance Corp PALL
Shares issued 18,181,121 1999-07-07 close $0.07
Thursday Jul 8 1999
Also International Larder Minerals Inc (LRDR)
Mr. J.C. Bonhomme reports
At a meeting of Prospectors Alliance's board of directors held on July 7, 1999, it was agreed in principle to pursue the merger of the company with International Larder Minerals Inc., Explorers Alliance Corporation, 1338756 Ontario Inc. and 1232448 Ontario Inc. The private numbered companies hold interests in a number of mineral properties in the Timmins area of Northeastern Ontario and in the Casa Berardi and Lac Rocher areas of northwestern Quebec. Larder and Explorers Alliance are currently parties to a merger proposal. Many of the companies have one or more common interests in properties held by the others.
The purpose of the proposed transaction is to consolidate the various mining interests in one corporation in order to reduce costs and facilitate financing.
To accommodate these proposals, J.C. Bonhomme resigned as chairman of Prospectors Alliance to assume the roles of president and chief executive officer in order to spearhead the mergers, and John D. Harvey, PEng, resigned from the latter offices in order to continue Prospector Alliance's exploration efforts as vice-president, exploration.
The proposals have not yet been reduced to the form of agreements between the parties. When the documentation is settled and any needed fairness opinions obtained, they will have to be considered and approved of by an independent committee of the Prospectors Alliance board of directors, appointed yesterday for that purpose. The committee consists of Peter Crossgrove, Donald Smith and W. Stearns Vaughan. The transactions will be subject to approval as well by the board of directors and shareholders of Prospectors Alliance and by all applicable regulatory authorities.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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