Hello:
Well, it looks like within 10 days time, we will actually own 51% of a property! Here is the news release of the VSE's acceptance of the terms negotiated by Russ discussed in the news release dated Sept 29, 1997.
Here is today's release:
Maximum Resources Inc -
Maximum Resources Inc
MXR
Shares issued 9914948
1997-10-21 close $0.09
Wednesday Oct 22 1997
The VSE has accepted for filing an option agreement dated September 25 1997
between the company and Gwen Resources Inc (beneficially owned by David E.
Vette, Janet M. Vette, and Lloyd Mear) whereby the company can acquire up to
an 80% interest in mineral claims in Inyo County, California. Consideration
consists of $70,000 and 100,000 shares payable as follows:
Cash Payment
a.
$1,000 within 10 days of exchange acceptance;
b.
$1,000 on or before the 20th day of each month following the month in which
exchange acceptance occurred and continuing until the option is fully exercised
or terminated; and
c.
$22,000 up to December 31 2000.
Share Issuance
a.
50,000 shares within 10 days of exchange acceptance;
b.
25,000 shares if, and when, the first phase of an exploration program has been
completed and a technical report has been filed and accepted by the
exchange; and
c.
25,000 shares if, and when the second phase of an exploration program has
been completed and a subsequent technical report has been accepted by the
exchange.
The company is also required to make exploration expenditures totalling
$678,000 of which $178,000 must be expended before December 31 1999, an
additional $200,000 by December 31 2000; and an additional $300,000 by
December 31 2001.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com
old url (better for printing) |
