Double Down Resources Ltd DDX
Shares issued 4,329,527 Jun 21 close $0.10
Thu 22 Jun 2000 News Release
Mr. Hughes Salat reports
Double Down Resources has entered into an agreement to amalgamate with
Meteor Creek Resources Inc., an arm's-length, private non-reporting issuer
located in the province of Ontario.
Under the proposed amalgamation, the company will consolidate its stock on
a 1 for 4 basis, immediately after which it will acquire Meteor through the
issuance of up to 4.5 million special warrants. Each special warrant will
entitle the holder to receive one common share of the amalgamated company
upon the filing of a prospectus. In conjunction with the amalgamation,
$63,000 in existing debt will be cancelled in exchange for 200,000 shares
in the amalgamated company.
Subject to final due diligence, shareholder and regulatory approvals, the
amalgamated company will have approximately 5.5 million shares outstanding,
$700,000 cash, no debt, and a farm-in agreement on a oil and gas permit in
Eastern Canada.
The business of the amalgamated company will be oil and gas exploration and
will initially focus on the existing Meteor Creek assets. A special
shareholders meeting has been called for Aug. 21, 2000, to vote on the
proposed amalgamation and other corporate matters. |
