Here's #2
Alliance Pacific Gold Corp.
APG VSE September 11, 1997
Jalna Options 50% Of Interest In Golden Kolyma Project, Russia
JALNA MINING CORP. ("JMC-V")
ALLIANCE PACIFIC GOLD CORP. ("APG-V;APGO-L")
- Jalna Options 50% Of Interest In Golden Kolyma Project, Russia
George Leary, President of Jalna Mining Corp. reports that in reference to the previous news release dated June 11, 1997, the company is proceeding with the acquisition of a 50% indirect interest in properties and licenses held by MEC Golden Kolyma Ltd. called the Golden Kolyma Project within the Magadan District of northeastern Russia. The company is awaiting the completion of a geological evaluation report, and upon receipt of the same will apply for
Vancouver Stock Exchange approval to the acquisition.
The company will not be proceeding with its brokered private placement with Whalen Beliveau and Associates Inc., as detailed in its News Release dated June 11, 1997.
In order to ensure that the Company is able to close the Acquisition in a timely manner, the Company has negotiated a non-brokered private placement totaling $500,000. The funds will be raised by the Company issuing a total of 1,087,957 post-consolidated units at a price of $0.46 per unit. Each unit will consist of one (1) share purchase warrant entitling the holder to purchase, for a period of two years, one additional post-consolidated common share at a price of $0.90 per share.
Furthermore, the Company has agreed to option 50% of its indirect interest in the Golden Kolyma Project to Alliance Pacific Gold Corp. Alliance will earn interest by: a) immediately advance US$100,000. to Jalna, these funds will be used towards ongoing exploration activities in on the Golden Kolyma Project; and
b) subject to Jalna closing its acquisition:
i) advancing on behalf of Jalna, the balance of Jalna's acquisition costs, being US$920,000.
ii) Providing a further US$1,000,000. towards exploration and feasibility studies in 1998 on the Golden Kolyma Project.
The Company will continue to consolidate all its issued and authorized share capital on the basis of one new share for two existing common shares.
Each of the above matters is subject to acceptance by the Vancouver Stock Exchange, and the granting of the option to Alliance represents a non-arms length transaction, as the Company and Alliance Pacific Gold Corp. share one common director.
TEL: (604) No phone # George Leary, President
Jalna Mining Corp. |
