I believe Cam used word "escrow" in reference to a voluntary Pooling agreement which terminated on May 10/97. There was total of 2,161,520 shares locked till that date.This is a news release from that period which may give you some idea:
South Pacific Resources Corp
SHF
Shares issued 16182669
1996-04-26 close $7.5
Monday Apr 29 1996
News Release
Mr Robert Chase reports
South Pacific Resources has entered into an underwriting agreement with Loewen,
Ondaatje, McCutcheon and Nesbitt Burns for a private placement of 2,000,000
shares at $7.00 to raise $14,000,000. The transaction is expected to close on or
before May 10 1996.
Proceeds of this financing together with cash on hand of approximately $5.3
million will be used to finance the company's 1996 and 1997 exploration
programs and for working capital purposes.
Concurrent with this transaction, certain of the company's shareholders, who are
parties to a voluntary pooling agreement which restricts the resale of 5,836,972
shares, have agreed to amend the terms of the VPA. Under the proposed
amended terms of the VPA: (i) 3,836,972 of the shares will be immediately
released from the pool; however, 3,215,785 of the shares will continue to be
subject to resale restrictions in accordance with escrow terms previously agreed
with the ASE; and (ii) 2,000,000 shares will be subject to a 12 month hold.
Regards
Robert |
