Hi George,
When Jipangu made the purchase it appears as though they just accumulated shares and did a merger? Or does Jipangu get shares of apollo and the 3 subsidiaries?
<<Apollo Gold Corporation ("Apollo" or the "Company")
(AMEX:AGT) (TSX:APG) is pleased to announce the closing of the
previously announced sale to a wholly owned subsidiary of Jipangu Inc.
("Jipangu") of Florida Canyon Mining, Inc., Standard Gold Mining,
Inc., and Apollo Gold Exploration, Inc. for US$14 million. These
companies own and operate the Florida Canyon and Standard mines and
hold several nearby exploration properties.
As previously announced, Apollo and Jipangu have entered into a
subscription agreement for a US$3.5 million private placement under
which Jipangu will purchase up to 11,650,000 units of Apollo priced at
Cdn$0.35 per unit, with each unit consisting of one common share of
Apollo and 0.17167 of a warrant (for a total of up to 2,000,000
warrants), with each whole warrant exercisable for two years at
Cdn$0.39 for one common share. The private placement is scheduled to
close on January 18, 2006. When the private placement is completed and
the warrants are exercised, Jipangu would own in the aggregate 19.7%
of Apollo's common shares based on 106,556,451 common shares
outstanding as of November 17, 2005 >>
Thanks,
Tom |
