New Release, Raised 1 Mil, Menning out, He gets 20% of Atlanta, the
way I read it. POOP
biz.yahoo.com
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VANCOUVER, BRITISH COLUMBIA--Standard Mining is pleased to announce that it has completed a $1,000,000 private
placement by way of an issue of units. Each unit consists of a common share and a one-half non-transferable share purchase
warrant. The share was priced at $0.25 and the combination of two half warrants to produce a full warrant will entitle the
holder to purchase a share for $0.30. The term of the warrant is one year following the closing of the private placement. The
proceeds of the private placement will be used for exploration on its 100% owned Zopilote property in Honduras, Central
America and on a due diligence and a feasibility program on the El Chanate project in northern Mexico that the Company has
under option from AngloGold.
The Company also wishes to announce that it has accepted the resignation of Tom Menning from the Board of Directors of the
Company. The Company had been in dispute with Mr. Menning over an employment contract. As a result of negotiations
between the Company and Mr. Menning it was agreed that the Company would sell to Mr. Menning all the shares of Quest
USA Resources Inc., a 100% owned Subsidiary, including all assets and liabilities plus pay Mr. Menning a cash payment of
$30,000 and issue him 250,000 common shares of Standard. The Company issued 150,000 new options to Mr. Menning and
cancelled all other options that were held by him, except for 100,000. In return Mr. Menning agreed to resign as an officer and
director of Standard and all its affiliates. As well Mr. Menning issued a general release of Standard of all his claims whatsoever.
Quest USA Resources held exploration rights in the USA and owned a position in the Atlanta property in Idaho, both assets
had been written down to nil at Dec. 31, 1999.
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You can bet your little , that Menning is talking to TWG ,
he will end up with a little cash and stock in a Diamond play.
Standard ate the bullet on that one.
Company had about 4 mil actual cash in that baby |
