Agreement to purchase properties north of Toronto
Dakota Resources Limited DAK
Shares issued 16,179,587 Apr 11 close $0.32
Mon 14 Apr 97 News Release
Mr J. Robert Bateman reports
The company has entered into a binding letter of intent with CRAV
Enterprises of Everett, Ontario to extract grade A gravel, premium masonry
and washed sands and other material from its properties in the Township of
Tosorontio, which are 40 minutes north of Pearson International Airport and
45 minutes north of Toronto, Ontario.
Dakota also will acquire an option from CRAV Enterprises to purchase the
properties, which it may use for land development, in particular, luxury
housing/golf course complex, multiple recreational opportunities, and
retirement communities.
This apparent change in corporate direction was actually designed to
augment the company's mining exploration and development activities.
Dakota's entry into the Golden Horseshoe, the burgeoning real estate and
commercial development market just north of Toronto, will increase its cash
flow when sales commence and will immediately and substantially increase
the asset side of the company's balance sheet without incurring current
liabilities.
Honda Corp of Canada, which has a plant within five miles of the
properties, has just opened a second plant in the area and a third facility
for four wheel drive vehicles will also be located in the area.
Upon depletion of the aggregate, the optioned properties will have
increased value for real estate opportunities. The properties have abundant
supplies of water and the preliminary report that the company has received
proposes the re-zoning of the properties for a subdivision component that
would attract the massive numbers of Toronto area baby boomers that will be
retiring in the next decade. The area is a rural, open space, picturesque
setting, in close proximity to not only Toronto but also Blue
Mountain/Horseshoe Valley as well as within ten miles of both Loretto and
Mansfield ski resorts.
CRAV Enterprises is currently negotiating the acquisition of several
additional properties in the Golden Horseshoe. In addition, Dakota is in
the final stages of negotiating a turnkey price with a contract processor
that should be completed by the end of next week. At that time the company
will provide full and final details of all of its transactions. |
