And What is Associated McChip Resources Part in All Baffinland?
Quote taken from the last paragraph,
"In other news McChip has agreed to invest $500,000 in the $2.5-million private placement recently announced by Glimmer Resources Inc. in conjunction with a proposed merger with Baffinland Iron Mines Limited. Upon finalization of the merger, McChip will own 2,625,658 common shares, representing 19.65 per cent of the combined corporation to be named Baffinland Iron Mines Corporation"
Not to mention Matchewan's (YMT.A) involvement/connection. Can't wait for the publication of the Glimmer submission to SEDAR on this whole thing. i.r. Glimmer shareholder, etc. Interesting to say the least. We'll know something after the Glimmer meeting in Jan 2004, once it resumes trading.
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News Release
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McChip declares seven-cent dividend on reinstated plan
2003-12-02 11:12 ET - News Release
Mr. R.D. McCloskey reports
MCCHIP RESOURCES REINSTATES DIVIDEND PLAN
McChip Resources has reinstated an annual dividend payment plan. The initial payment of seven cents per share will be payable on Dec. 19, 2003, to shareholders of record on Dec. 12, 2003. The ex-dividend date will be Dec. 10, 2003.
The initial payment will be a capital dividend under Canadian income tax rules. The tax-free capital pool balance is presently in excess of $2.8-million and future payments will be capital in nature until the tax pool is paid out. Dividend payments thereafter will be taxed at the standard rates applicable. Shareholders should consult their own tax advisers for advice with respect to the tax consequences of a capital dividend.
Dividends are currently intended to be paid on an annual basis, the amount of which will be determined after a review of cash available from oil and gas operations and investment income.
The net income recorded by the corporation for the third quarter ended Sept. 30, was $476,164, compared with a restated $152,121 in 2002. The corporation recorded a nine-month profit in 2003 of $893,265 compared with $167,856 for the same period in 2002. These results reflect higher hydrocarbon prices earned in the 2003 period together with the recovery of an investment that had been previously written down.
Expenses incurred for administration and interest in the third quarter 2003 was $116,218 compared with $101,373 in 2002. For the nine-month period, expenses for administration and interest totalled $322,452 in 2003 compared with $298,365 in 2002.
Depletion and amortization for the third quarter 2003 amounted to $65,984 compared with $16,872 in 2002. For the nine-month period ended Sept. 30, 2003, depletion and amortization charges were $202,500, compared with $201,828 in 2002.
In other news McChip has agreed to invest $500,000 in the $2.5-million private placement recently announced by Glimmer Resources Inc. in conjunction with a proposed merger with Baffinland Iron Mines Limited. Upon finalization of the merger, McChip will own 2,625,658 common shares, representing 19.65 per cent of the combined corporation to be named Baffinland Iron Mines Corporation. |
