Maybe somebody can explain this news release to me. How the hell are they selling KWG shares and then buying them back again?
No. 64 SGV-06
St. GeneviŠve Resources Ltd.
ST. GENEVIEVE SELLS BLOCK OF
KWG SHARES
MONTREAL, QUEBEC - September 26, 1997 - St. GeneviŠve Resources Ltd. announced today
that it intends to sell a block of between 1,000,000 and 2,000,000 common shares of
KWG Resources Inc. St. GeneviŠve currently holds 8,085,786 common shares of KWG, or
22.54% of its capital stock. St. GeneviŠve intends to use the net proceeds from this sale to
subscribe for common shares of KWG and thereby replenish its shareholding position to
approximately the same level as its current holding. For its part, KWG intends to use such proceeds
to continue its assessment of the Cupey Project and the development of its newly acquired gold
properties in Russia.
The common shares of KWG trade on both the Montreal and Toronto stock exchanges under the
ticker symbol "KWG", and closed on September 25, 1997 at $4.55. The sales will be made both
on and off the floor of the exchanges and will commence on October 4, 1997. In the notice of the
proposed secondary distribution filed with regulatory authorities, St. GeneviŠve declared that it was
not aware of any important fact concerning KWG, which has not been disclosed to the public.
St. GeneviŠve Resources Ltd. identifies and develops, directly and through subsidiaries and affiliated
companies active in targeted sectors, mining and oil properties showing high added-value potential. .
Information:
Pierre T. Laflamme at (514) 866-6001
Mary Peschka or Paul Piazza at (416) 869-0626
E-mail: info@sgv.com
NO REGULATORY AUTHORITY HAS APPROVED NOR DISAPPROVED
THE CONTENT OF THIS PRESS RELEASE |
