Barramundi Gold Ltd - News Release
Barramundi options Solomon Islands property
Barramundi Gold Ltd BAM
Shares issued 38,691,933 Sep 27 2002 close $ 0.02
Tuesday October 8 2002 News Release
Mr. John Bottomley reports
BARRAMUNDI ANNOUNCES OPTION ON BUGOTU NICKEL PROJECT IN THE S ...
Barramundi Gold has entered into a letter of intent with a Solomon Islands company, Pacrim Resources Ltd., to develop the Bugotu nickel project.
Under the terms of the letter of intent, Barramundi has the option to earn PRL's 70-per-cent interest in the Bugotu nickel project located in the Solomon Islands. Barramundi can earn its 70-per-cent interest by spending $3-million on the exploration of the Bugotu property by Dec. 31, 2004. Barramundi can earn a 21-per-cent interest (30-per-cent of 70-per-cent) in the project by spending $1-million, and a 42-per-cent interest (60-per-cent of 70-per-cent) by spending $2-million.
PRL has also granted Barramundi a right of first refusal on all of its other property interests in the Solomon Islands if Barramundi expends $100,000 on the Bugotu nickel project within one year from closing this transaction. Upon Barramundi earning its 70-per-cent interest in the property, PRL shall retain a 7-per-cent (10-per-cent of 70-per-cent) net profits interest royalty in the property.
PRL is a related party of Barramundi given that Ewan Stoddart, a director, officer and significant shareholder of Barramundi, is also a director and an officer of PRL. This transaction is subject to regulatory approval and completion of due diligence by Barramundi.
(c) Copyright 2002 Canjex Publishing Ltd. stockwatch.com
Now if someone can help me understand this a little better. The Sedar news release from BAM announces that BAM will have stock consolidation (1 for 10) and after the consolidation, change it's name to Pacrim Resources. This news release states that BAM is entering a letter of intent with a Solomon Islands company (by the name of Pacrim Resources Ltd.) to develop a Bugotu nickel project???????? Now is BAM going to complete the consolidation and be called Pacrim Resources, or is it going to keep it's original name (BAM) and not undertake the original consolidation? If anyone out there can shed some light on this confusing issue I would really appreciate it, because right now I'm extremely confused. |
