Hi Chad! (#4303)
As stated in the Feb. 7/97 news release "...the Company will cause two seats on the board of directors to be filled with nominees of CDC."
Regarding the number of directors required to list on the TSE, I spoke with a listings officer at the TSE. She said she doesn't believe there are any companies listed with fewer than 4 board members but many with 5 or 6. There isn't a set minimum but with a small board (4) they look at the composition of the board to insure there are adequate talents to serve the shareholders well. KRT has 6 members with very strong talents!
Eric Lysing (4309)
As per the Fluor report (March 21 news release), the 701 JV (Changma Mine) will cost US $6.627 million to build the underground portion of the mine to get it up to the anticipated 250,000 ct/yr production rate, and it is anticipated that it will take 18 mo. to complete.
The 702 JV will require US $15,295 million to develop the open pit mine and construct the plant etc.
We have committed to spending US $1 million on the 701 for the balance of '97, US $1 million on 702 and US $450,000 on the 703.
As per the Feb. 7 news release, (the ammended option agreement) we are advancing US $140,000 every 14 days, to all the China projects.
From the March 7, news release, we have committed to 1/3 of CDN $2 million for the '97 FALC project, and $550,000 for the Clearwater '97 budget.
We havn't determined the financial commitments KRT is making to the Montrose pipe in Africa (with Global), and when it is determined we will announce it.
So there you have a '97 total of CDN $1,216,667 and US $2,450,000 so far, we should receive approval of the CDN $4.7 million financing that has been in the works.
Don Nicholson has indicated that he would like to do a financing of $20 million at the $3 - $5 range at the time we are applying for listing on the TSE, which we hope to do this summer. Time and markets will tell.
Buddy!
Johann takes his Presidential seat May 1, and I beleive they will start to make the promotional plans for KRT. I don't have any dates yet and when I do I'll let you know.
Judy Ryon
KRT IR |
