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Gold/Mining/Energy : Maxam Gold Corp. OBB:MXAM
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To: Chuca Marsh who wrote (8873)8/23/1999 7:32:00 AM
From: bconard  Read Replies (2) of 11603
 
Chuca,

Following was copied from the July 15, 1998 release. (I reformatted it as the copy/paste made it hard to read.)

MAXAM DIVIDEND OF PREFERRED SHARES

The Maxam board of directors has elected, subject to shareholder ratification, to amend the Articles of Incorporation authorizing the issuance of a Preferred class of stock in the company. It is the board recommendation to issue Maxam shareholders of record on October 1, 1998 one share of the new Preferred stock for each two shares of Maxam common shares owned, as a dividend. Timing and amount of dividends on Preferred stock will be determined by the Maxam board of directors.

In addition to giving Maxam shareholders extra interest in the company, this action provides management flexibility to raise needed capital with less dilution of the company's common share base.

<end of copied data>

Did Business Wire make a mistake or did the company? Is it 1 for 2 or is it 1 for 1? My bet is 1 for 2, if and when. :<)

Have a good day everyone,
Bob
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