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Gold/Mining/Energy : T.ITE: iTech Capital (TSE)
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To: keith massey who wrote (2583)11/25/1999 9:28:00 AM
From: David Raine  Read Replies (2) of 5053
 
Hi Keith,

Here's the scoop on the cash outlay for Enviromation.., from the material change report issued yesterday. Looks like a bargain to me.

David Raine
Vancouver

ITEM 5. FULL DESCRIPTION OF MATERIAL CHANGE

Refer to two News Releases, #99-08 and #99-09, dated November 22, 1999 attached as Appendix
A and B.

The letter of intent to acquire 100% of Enviromation, Inc. is dated November 17, 1999. The
purchase price is US $1,600,000 of which US $800,00 is payable in cash at closing with the remaining
US $800,000 to be paid over five years in equal quarterly principal payments at an interest rate
of 8% per annum. Both parties intend to close the transaction on or before December 31, 1999
before which time a definitive Purchase Agreement will be entered into. During this period the
issuer has exclusivity regarding the proposed transaction.
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