Most Recent Report
Here is a copy of the last report. IMO it doesn't look good. Does anyone know what causes the annual up swing? Is it going to repeat this year? ANy comments on "reactivate the company"?
Canadian Overseas Exploration Corp CVC
Shares issued 26990235
1997-02-07 close $0.06
Friday Feb 7 1997
Company Review
An anonymous director reviews the company
During the quarter ended November 30 1996, there was a change in the company's management team. Subsequent to the quarter end, the new management retained a consultant who, while visiting South Africa, was requested to see the company's solicitor in Cape Town and the mining properties optionors to determine the status of the company's mining properties. The result was confirmation that the company had defaulted on its option agreements and consequently lost all its mining properties, with the exception of Sea Concession 14b. The properties written off to deficit are concessions 13a, 13b, 8a, 8b and 9a, all off the west coast of South Africa.
To date the company has found out that accounts payable includes two judgments against the company, for $75,000 and $12,957, respectively.
Management will first try to get to grips with the large liabilities. If a reasonable compromise can be reached with the creditors, then steps can immediately be taken to reactivate the company. Every effort will be made to maintain Sea Concession 14b in good standing. By all accounts it is a worthwhile asset.
(c) Copyright 1997 Canjex Publishing Ltd. |
