News out in response to Cross news letter.
<<Paramax Resources Ltd -
Paramax clarifies newsletter's article
Paramax Resources Ltd
PXM
Shares issued 5,970,100
1999-10-21 close $1.2
Friday Oct 22 1999
Mr. James Owen reports
Paramax issued the following correction concerning a private placement of shares,
which appeared in the George Cross Newsletter on Oct. 22, 1999.
The company has not finalized any private placement of common shares and has
no interest in a project in Eastern Europe. The newsletter article was printed in
error and will be corrected in the next issue.
The company recently announced that its West Delta block No. 78 oil well,
offshore Louisiana, was put on production. The cash flow from this well will be
used by the company to participate in additional resource projects.
The company announced on Oct. 13, 1999, that several projects were being
reviewed and at this time no decision regarding any of the projects has been
reached.
The company has 6,020,000 shares issued and outstanding and Paramount
Ventures and Finance Inc. owns approximately 55 per cent of the outstanding shares.>>
According to what George Cross said PXM had been negotiating a PP on 2,972,222 shares at .18 plus a warrant for 18 cents for one year and 21 cents the following year.
After the fiasco we endured on the John Kaiser report being accurate on the Rio Do Sono and every one else seem to be in denial , yet
his report ended up very accurate. I have given my shares back until this PP is concluded and property's are vended in.At that time I will make a decision as weather to renter or not.
I still retain my position in PVF............DD |
