The guy behind ULU and the other companies I mentioned is now creating another "U wonder". Check him out on the TSX website. His web of companies, public and private, is truly amazing.
BTW, ALL.H gained 78% today. I am sure it's just the beginning. I am in for the ALL.H ride based on what he did with the other companies BUT I won't be caught holding the bag. The exit button is painted red on my keyboard. :-)
Int'l Alliance to option Parallax claims, change name
International Alliance Resources Inc (C:ALL)
Shares Issued 22,615,633
Last Close ALL.H 1/26/2007 $0.115
Friday January 26 2007 - News Release
Mr. Raymond Roland reports
$2,422,000 FINANCING; OPTIONS 70% INTEREST IN PARALLAX URANIUM CLAIMS; AND NAME CHANGE TO "URANIUM STAR ENERGY CORP."
International Alliance Resources Inc. has entered into an option agreement to acquire a 70-per-cent interest in the Parallax claims located in British Columbia.
Located about 1.5 hours north of Kamloops, the Parallax claims are located over what was formerly known as the Parallax property, staked by Union Oil in 1978 as a result of a regional reconnaissance program designed to locate Tertiary channel-type uranium deposits. The Parallax claims are readily accessible by logging road.
A diamond drill program in 1979 was designed to test for basal-type uranium mineralization in the Tertiary sediments. Six of the seven holes (total depth 580.5 metres) intersected unconsolidated stream channel and lacustrine sediments at the base of the basalt, with sediment sections varying from two to more than 39.5 metres. Minor anomalous radioactivity was obtained in some of the sedimentary sections. The drill core apparently still exists on site.
The drilling program tested only a section of the sediments. It has apparently not been determined if the paleochannel target was intercepted. Based on topography, it has been estimated that the paleochannel has a potential length of approximately 6.5 kilometres.
Under the option agreement, Alliance has agreed to finance exploration in the amount of $400,000 over four years, with minimum cumulative expenditures of $100,000 in each year. Alliance has the right to be the operator upon financing $150,000 in exploration expenditures.
The vendor, a private B.C. corporation, will be paid $15,000 and issued 100,000 shares upon TSX Venture Exchange acceptance for filing of the option agreement, and will receive payments of $15,000 per year on the anniversary of the option agreement until Alliance completes its exploration requirements, at which time a further $100,000 will be payable and a further 500,000 shares will be issuable for Alliance to earn its 70-per-cent interest. The option agreement is subject to Alliance eliminating its working capital deficiency. The property is subject to a 3-per-cent net smelter return royalty.
Name change
Alliance is proceeding with a name change to Uranium Star Energy Corp. on regulatory approval. There will be no consolidation of capital. Alliance will issue further news releases relating to the name change before the effective date.
Financing
In connection with the acquisition, to eliminate its working capital deficiency, finance exploration and establish working capital, Alliance has agreed to up to a $2,422,000 non-brokered private placement financing comprising up to 28 million units to be issued at a price of 8.65 cents per unit. Each unit consists of one share and one transferable warrant that entitles the holder to purchase one additional share for 10 cents per share for a period of two years. A portion of the financing will be issued on a flow-through basis. The financing is subject to acceptance for filing of the acquisition and financing by the TSX Venture Exchange, completion of $50,000 in exploration expenditures on the property, and relisting of Alliance's shares on the TSX Venture Exchange.
© 2007 Canjex Publishing Ltd. |
