December 2, 1999 - The Company has today received the following offer:
Spirit River Resources Corp. (a Nevada corporation) will acquire an 80% interest in Indocan Resources Inc.'s 140,000 acres (85% total interest) of mineral leases near Spirit River in Northwestern Alberta recently acquired from Brian Testo of Grizzly Gold Inc. whereby Grizzly Gold retains a 15% carried interest in the property.
The Company will pay Indocan Resources Inc. $100,000 USD and issue Indocan Resources Inc. and its shareholders 10,000,000 shares of Spirit River Resources Corp. Company Common Stock.
Spirit River Resources Corp. shall immediately work toward a public listing on the OTC BB and Indocan will spin-off one share in Spirit River for each 100 shares held by Indocan shareholders on a record date to be set in the next few weeks. Indocan Resources Inc will hold the balance of the ten million shares.
Spirit River will come public on the OTCBB in the $1.00 to $3.00 price range sometime in February/March 2000.
The board of directors will meet to accept the offer, set the record date and make a formal public announcement. The News Release should be out early next week.
December 1, 1999 - Spirit River Resources Corporation was incorporated in Nevada on November 29th, 1999. We will have an announcement published shortly as to the spin-off and record date of the share dividend for Spirit River Resources.
November 23, 1999 - We have closed on the Spirit River property.
November 21, 1999 - Grizzly is flying into Vancouver Monday afternoon now, so we will close the purchase of Spirit River then and the News Release of the transaction will occur after the market close or before the open on Tuesday.
November 19, 1999 - The Closing for the Spirit River property is set for Monday morning, November 22, 1999.
November 15, 1999 - The final deal versus the Letter of Intent that we should close with Grizzly Gold sometime Thursday or Friday of this week will be amended as follows:
$10,000 on signing the final documents
$10,000 in 90 - days
$40,000 in 180 - days
Total purchase price in cash $60,000
500,000 shares to Mr. & Mrs. Testo
2,000,000 shares to Grizzly Gold Inc. (in stead of the other $80,000)
IDCN or Spirit River will spend $300,000 in total assessment work, $50k in 90 days, $50k in 180 days, and $50k in one year and the balance of $150k by the end of year two.
Gizzly Gold thinks highly of the property's prospect and wants to participate more fully in the stock of both IDCN and Spirit River. |
