To all: FWY delisted by the VSE...
Here is a VSE notice dated 21 May on FWY:
FENWAY RESOURCES LTD. ("FWY")
NOTICE TYPE: Delist
NOTICE DATE: May 21, 1997
Further to the Vancouver Stock Exchange Notice dated May 7, 1997, the Company's shares will be
delisted at the close of trading on May 21, 1997 pursuant to Rule B.2.00. The Company has failed to
comply with its Listing Agreement with the Exchange and with other Exchange requirements in material
respects including:
? Listing Agreement Section 2.2, and 2.3 and Listing Policy 16 `Acquisition of Non-cash Assets'.
Certain material agreements entered into by the Company were neither filed with nor accepted by
the Exchange:
? an agreement to acquire the Pyramid Hill mining claims announced May 11, 1995, and
amended November 11, 1996. The company is required to issue 4,100,000 shares under
the agreement;
? an agreement with STRADEC dated December 7, 1996 whereby the Company agreed to pay
US$20,000 per month for financial advisory services; and
? a Memorandum of Agreement signed March 21, 1997, and disclosed April 9, 1997. The
agreement is with 3 companies which hold property in Palawan. The Company has agreed to
issue warrants for the issuance of 8 million shares
? Listing Agreement 2.2 and 2.3 and Listing Policy 24 `Management Remuneration'. Employment
Agreements with 4 Directors were neither disclosed, filed with nor accepted by the Exchange;
? Listing Agreement 2.3.8 and Listing Policy 16 `Acquisition of Non-cash Assets'. $644,977 , reported
as `Accounts Receivable' in the Company's financial statements as at February 28, 1997, consisted
of unsecured loans as follows:
? $402,301 to Ramm Venture Corporation (`Ramm'). John Wilson and Leonard Taylor are
directors of Ramm and the Company;
? $86,292 to International Prime Technologies ("IPL"). John Wilson and Leonard Taylor are
directors of IPL; and
? $152,279 to Central Palawan Mining and Industrial Corporation.
? Listing Agreement Section 1.2 and Listing Policy 8: The Company's investor relations and
promotional activities, including the distribution of promotional materials and Internet messages have
in certain instances been misleading and appear to have breached the Securities Act;
? Listing Agreement Section 1.2 and Listing Policy 7 `Timely Disclosure' . The Company's disclosure
regarding the timing and process for obtaining an Environmental Compliance Certificate in the
Philippines, project engineering and construction and financing of the project was misleading .
The above matters are being referred to the British Columbia Securities Commission
The Exchange also has a number of concerns regarding the granting of director and employee stock
options. These concerns have been referred to the British Columbia Securities Commission. |
