Colossal Resources - CLPZF - Colbalt in Zambia Message Board

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Gold/Mining/Energy : Colossal Resources - CLPZF - Colbalt in Zambia

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To: kfdkfd who wrote (276)	6/12/1997 4:00:00 PM
From: Tom McIlwain	of 501

June 6th news release (now available on CLPZF web site) News Release - June 6, 1997 The Company wishes to announce that it has resolved to indemnify and save harmless the guarantor of US$1.25 million of the US$2.25 million purchase price for the Barplats Refinery in South Africa (the "Guarantor") for any cash payment the Guarantor is required to make with respect to such guarantee. Should the Guarantor make any payment pursuant to its guarantee, that sum will become a debt due and owing by the Company to the Guarantor and will accrue interest at an annual rate of 2% over the prime rate of the Royal Bank of Canada in effect at the time of payment. The Company will be entitled to repay this debt plus interest on or before six months from its creation and the Guarantor will have the election of converting the amount paid into a private placement with the Company at a redeemed price of US$1.75 per share. Dated in Vancouver, British Columbia, this 6th day of June, 1997

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