Merger announcement from their web site:
Mergers with Carbite Golf & Advanced Golf Inc. Finalized
September 3, 1997
The Company wishes to announce that today it closed on all merger documents with
Carbite, Inc. Pursuant to the Agreement and Plan of Merger, the Company has
allocated and issued 6,263,872 shares. The Company has also issued 912,524
non-transferable share purchase warrants (the "Warrants"). The Warrants may be
exercised at a price of $1.30 CDN per share if exercised on or before December 31,
1997 and at a price of $1.50 CDN per share if exercised on or before December 31,
1998, after which time they expire.
As part of the purchase, the Company issued 815,000 bonus shares to twenty
employees of Carbite, Inc. as well as an option to acquire 607,000 shares, which has
been assumed by the Company and can be exercised by Mike Spacciapolli anytime
up to March 1, 2003 at a price of $0.01 CDN per share. 150,000 common shares
were issued as a final installment for a finder's fee payable on the occurrence of the
100 percent ownership of Carbite, Inc.
The Company also wishes to announce that it has completed its merger with
Advanced Golf Systems Inc. and has issued 700,000 shares and 700,000
non-transferable share purchase warrants (the "Warrants"). The Warrants may be
exercised at a price of $1.50 CDN per share if exercised on or before August 5,
1999 (5:00 p.m. Vancouver time), after which time they expire.
With the closing of the two mergers, and an acquisition announced on August 29,
1997, the Company owns 100 percent of Carbite, Inc., 100 percent of Advanced
Golf Systems Inc. and 80 percent of Printers Graphics Inc. The total issued capital
of the Company is 17,497,408 common shares and it has 1,612,524 share purchase
warrants and 1,382,000 options outstanding. |
