Abstract of NEWS RELEASE of August 28th, 2000 <http://www.tandem-resources.com/gh-28aug00.html>
Goldhunter announces that it has signed a Letter of Intent to acquire all the securities of Sportscalc.com Ltd. as an exempt take-over bid. Goldhunter will issue a total of 14,950,000 common shares and 1,950,000 warrants in consideration for the acquisition of 13,000,000 common shares from the original shareholders of Sportscalc and 1,950,000 common shares and 1,950,000 warrants issued to 3 new investors who provided Sportscalc with the funding necessary to launch its website. The 13,000,000 common shares of Goldhunter issued to the original shareholders of Sportscalc will be subject to escrow requirements in accordance with the policies of the Canadian Venture Exchange. Goldhunter currently has 13,833,136 common shares outstanding. Goldhunter will reserve for issuance an additional 10,500,000 common shares for the acquisition of additional securities of Sportscalc to be issued pursuant to a proposed financing of Sportscalc.
Sportscalc is an Ontario-incorporated and Toronto-based internet company which operates a database of sports statistics that allows subscribers to have access to comprehensive data relating to the National Football League. The database covers a ten year period. Sportscalc provides information in one place that would otherwise need to be obtained from several locations. The database is designed to provide information to fans to assist them in predicting the outcome of sporting events. Sportscalc intents to expand its database to cover other areas commencing with U.S. College Football in the summer of 2001.
Sportscalc anticipates the launch of its website will be completed on September 1, 2000.
In accordance with the policies of the Canadian Venture Exchange, the trading in common shares of Goldhunter will remain halted pending review of the transaction by the Exchange and a member firm of the Exchange to be retained by the parties to act as Sponsor and prepare a Sponsor Report to the Exchange. Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and disinterested shareholder approval. The transaction cannot close until the required shareholder approval is obtained. |
