Hello David
From: "Stockwatch News" newsout@stockwatch.com
Subject: Stockwatch: Major General Resources Ltd - News Release
Major General shareholders salute restructuring
Major General Resources Ltd
MGJ Shares issued 51,986,495
Apr 12 close $0.18
Fri 12 Apr 2002
Mr. William Coulter reports MAJOR GENERAL RESOURCES RESTRUCTURING AS COMMANDER RESOURCES
Major General shareholders, at an extraordinary general meeting today, April 12, 2002, have formally approved restructuring of the company to form two separate entities: Commander Resources Ltd., which will focus exploration and development activities on gold, nickel and base metal projects across Canada, and Diamonds North Resources Ltd., which will concentrate on Canadian diamond projects. The meeting approved the consolidation of existing shares on the basis of one share of Commander for every three shares held in Major General. Following consolidation, Commander will have 17,328,831 shares outstanding.
The meeting also approved the issuance of one share of Diamonds North for every 3.5 shares held of Commander. Both restructuring and consolidation are subject to regulatory approvals. Commander will eventually replace Major General on the TSX-Venture Exchange, under the symbol CMD. Diamonds North, is expected to be publicly listed within the next few months.
Mark Kolebaba, formerly senior geologist with BHP Billiton's global diamond exploration team, has been appointed president of Diamonds North.
The management group of Major General, led by president William Coulter, will continue to direct Commander.
Diamonds North, which will hold properties in Nunavut and Northwest Territories, has announced a $1.5-million drill program to begin this spring. Commander Resources will retain an approximate 9.9-per-cent equity position in Diamonds North and will receive royalties of up to 1 per cent on production from the majority of the diamond properties.
"We believe the restructuring of our company will accelerate exploration and development in all our areas of interest," said Mr. Coulter, "and we are grateful for the support and confidence of our shareholders."
Regards
Vaughn |
