This could be the reason for the increased price, but I don't think that is the same Cie.
Friday July 14, 2:54 pm Eastern Time
Company Press Release
SOURCE: Afcan Mining Corporation
via BCE Emergis e-News Services
Agreement In Principle For The Acquisition By Afcan Of The Shares Of ITEC
Environnement Inc. (A Wholly Owned Subsidiary Of ITEC-Mineral Inc.)
Montreal, Quebec
Afcan Mining Corporation is pleased to announce that it has signed a Letter of Intent with ITEC-Mineral inc., for the acquisition of all the outstanding shares of ITEC-Environnement inc.
for the consideration of 2,000,000 common shares of Afcan.
Under this transaction Afcan will acquire:
- 100% of Norebec-Manitou inc.
- exclusive access to a $3.5 million trust fund established for
the rehabilitation of the Norebec-Manitou tailing pond
- $236,000 in cash
- the Nevarm - Tec technology
Norebec-Manitou inc. has been developing a solution to the problem of acidic mine tailings in the Val d'Or region. The acquisition will now permit the furtherance of the negotiations and
development of this regional project. The project is in line with the recent statement by the Quebec Mining Association referring to abandoned mine tailings in the Province (La Presse -
30/6/00).
This acquisition will enable Afcan to develop similar tailing solutions for other mines in the region and beyond.
This transaction is subject to a due diligence verification by the parties before August 16, 2000. This transaction is also subject to approval by the shareholders of ITEC-Mineral inc and
Afcan, in addition to the appropriate regulatory authorities.
Afcan is a minerals exploration company which owns 50% of the Mt Kakoulima nickel/cobalt prospect in Guinea which is being operated by Rio Tinto Ltd. under the terms of a Joint
Venture Agreement. It also owns 100% of the Lac Dissimieux phosphate/titanium prospect in Quebec.
Following this transaction, Afcan will have 21,263,700 shares issued and outstanding.
In accordance with an agreement with the Montreal Exchange, transactions on the shares of Afcan have been suspended until the criteria of the Montreal Exchange or any other exchange
have been met.
For more information, please contact:
Mrs. Louise Vaillancourt-Chatillon, Secretary
Tel : (514) 744-4408
Fax : (514) 744-2291
NO REGULATORY AUTHORITY HAS APPROVED
OR DISAPPROVED THE CONTENTS OF THIS RELEASE
SOURCE: Afcan Mining Corporation
Claude M |
