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Gold/Mining/Energy : CANADIAN OVERSEAS EXPLORATIONS (CVC.V)
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To: R.A.K. who wrote (37)5/28/1997 7:23:00 AM
From: Rook   of 113
 
I've been put in quite a dilemna. I don't want to post anything that could hurt Canadian Overseas, but on the other hand, I want to be honest and up front with everybody in this forum. So here goes:

- This week, CVC will be sending out letters to their creditors offering 25 cents on their dollar provided proper financing can be found. (Financing is already in place but the poor creditors don't know that)
- Management believes that most will accept because they been waiting for 2 to 3 years and many have already written off the company for dead. Keeping the price down at 5 cents works to CVC's advantage because it puts fear into the creditors' minds. CVC will also not indicate that they have any potential properties because that would encourage the creditors to hold out for more.
- For the last 3 weeks, Les Ward has been in South Africa keeping Property 14b in good standing and at last report, he was negotiating on a new property near Johannesburg. If this is the property they get, CVC will drill 6 holes to confirm the estimates and then they believe that it could be turned into a mine within 1 year for $2 million dollars. Because of conditions like better weather and weaker currency, this compares favourably to the $20 million they estimate it would cost to build a similar mine in Canada.
- Immediately after the creditors agree to the terms, CVC will issue a news release announcing their new property and they'd declare a meeting to vote on a 1 for 10 consolidation and private placement.
- VSE rules requires that the private placement has to be at a minimum of 50 cents after a 1 for 10 consolidation. The money would be used to pay off the debts ($150,000) and for the properties.
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