World Wide Minerals Ltd -
World Wide issues shares to settle debt
World Wide Minerals Ltd
WWSS
Shares issued 80,360,115
2000-07-25 close $0.04
Friday Jul 28 2000
Mr. Paul Carroll reports
World Wide Minerals has issued a total of 9,307,665 common shares (an average price of 3.2 cents pre
share) to settle an outstanding debt in the amount of $200,000 (U.S.) (approximately $295,000) owing to
Proteus International Co. of London, England. The shares were issued pursuant to an agreement dated
March 1, 1999. Under the agreement, World Wide had the right and, under certain circumstances, the
obligation to satisfy the debt either in cash or in shares priced at the applicable market price of the shares
on specified quarterly dates ranging from Oct. 1, 1999, to July 1, 2000. Because the company prefers to
preserve its cash resources at this time, World Wide opted to settle the debt in shares as agreed. Issue of
the additional shares increases the common shares outstanding to 92,246,499 (98,674,081 fully diluted).
The newly issued shares will be included in the shares outstanding on July 31, 2000, the effective date of
the plan of arrangement wherein, in addition to their World Wide shares, each World Wide shareholder
will receive one share of Libra Gold Corporation for each 10 shares of World Wide held on July 31 and
one share of Virtual Resources Inc. for each 50 shares of World Wide held on July 31. Therefore, after
the reorganization there will be:
92,246,499 World Wide shares outstanding (98,674,081 fully diluted);
9,224,650 Libra Gold shares outstanding (9,867,408 fully diluted); and
1,844,930 Virtual Resources shares outstanding (1,973,482 fully diluted). |
