Here we go again... Another kick at the dead cat by MMA over possible decision in KRY dispute.
ights over Las Cristinas concessions to be
pursued
Maymac Petroleum Corp
MMA
Shares issued 18191922
1997-08-05 close $0.08
Wednesday Aug 6 1997
Mr Barry Whelan reports
Further to news of July 9 1997 the company intends to pursue its rights under the
right of first refusal agreement with Richard Marquez. Mr Marquez, who was
acting as agent for Inversora Mael CA (a private company owned by Ramon
Torres and currently claiming ownership of Las Cristinas 4 and 6 concessions in
Venezuela, (reported to contain nine million ounces of gold), offered Crystallex
International Corp the opportunity to purchase Mael, without first offering Mael to
the company under the same terms and conditions.
In January 1997, Mr Marquez and a director of the company, visited South
America to research properties. While in Venezuela, in a meeting between Mr
Marquez, Ramon Torres and the current president of Maymac, Mr Marquez
offered the company the opportunity to purchase Mael for US$34.6 million,
payable US$600,000 upon signing the agreement and the balance of US$34
million due in 45 days. Based on these terms, the company decided not to
proceed with the acquisition. Mr Marquez, while still bound by the right of first
refusal agreement, then offered Mael to Crystallex. The purchase price according
to the Financial Post article dated June 7 1997 was US$30 million with $6 million
down and the balance of $24 million to be paid over two years.
By virtue of the right of first refusal agrement, it is the company's position that Mr
Marquez had an obligation to first offer Mael to the company under the more
favourable terms as was offered to and accepted by Crystallex. The company is
anticipating the outcome of Mael's claim against Placer Dome in the Supreme
Court of Venezuela.
Jim S |
