Looks like kensington will be coming off the PAR shares very soon! Finally!
PAN ASIA MINING CORP. ("PAR") - Private Placement-Non-Brokered, Loan Agreement, Shares for Debt, - Bonus/es Private Placement-Non-Brokered The Vancouver Stock Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced March 3, 1999: Number of Shares: 10,000,000 shares Purchase Price:
$0.18 per share Warrants: 10,000,000 non-transferable share purchase warrants to purchase 10,000,000 shares Warrant Exercise Price: $0.18 for a one year period
$0.21 in the second year Placee: Lilac Financial Ltd. (Armando Ulrich) 10,000,000 Finder's Fee: $122,500 to Minoch Management Ltd. (David B. Finlay) which may be paid in whole or in part in shares at a deemed price of $0.18. These securities have not yet been issued. The Company must issue a news release when the private placement closes. In addition, the Company must issue a news release if the private placement does not close promptly. Loan Agreement The Vancouver Stock Exchange has accepted for filing a Loan Agreement dated March 3, 1999, between Eurogas Inc. ('Eurogas') and the Company, pursuant to which Eurogas has provided a line of credit $3,000,000. The loan is to be repaid in stages with interest of prime plus 3% within 36 months. A bonus of 6,666,667 warrants exercisable at $0.18 per share in the first year and at a exercise price of $0.21 in the second year will be issued pro-rata as the funds are drawn down. A finder's fee of $182,500 is payable to Minoch Management Ltd. (David B. Finlay) and may be paid in whole or in part in shares at a deemed price of $0.18. Shares for Debt The Vancouver Stock Exchange has accepted for filing the Company's proposal to issue 5,363,201 shares at a deemed price of $0.18 per share to settle outstanding debt as follows: Creditor
Price Shares Amount Owing Conquest Financial Corporation (Heinz Worz)
$0.18 3,194,444 575,000.00 David B. Finlay Law Corporation (David B. Finlay)$0.18 502,090 $90,376.19 Forever Diamond Ltd. (Yiu Kit Lau)
$0.18 677,301 $121,914.12 High Luck Resources Ltd. (Poe Family Trust)
$0.18 525,247 94,544.37 Pan Asia Resources Corporation (Poe Family Trust)$0.18 464,119 $83,541.51 The Company shall issue a news release when the shares are issued and the debt extinguished. Bonus/es The Vancouver Stock Exchange has accepted for filing a bonus of 80,000 shares to be issued to Auber Investments, Inc. (Poe Family Trust, 'Auber') in connection with Auber providing security and guarantee for a loan of $500,000 made by Conquest Finance Corporation to the Company.
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