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Gold/Mining/Energy : Dynamix Corp (DYX was Dakota Resources, DAK)
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To: Wats who wrote (404)11/20/1997 1:02:00 PM
From: JIM FINDLATER  Read Replies (1) of 587
 
To Wats and ALL,

*************NEWS RELEASE************

newsout@canada-stockwatch.com wrote:
>
> Fastway Exploration to be acquired
>
> Dakota Resources Limited DAK
> Shares issued 16,179,587 Nov 19 close $0.15
> Thu 20 Nov 97 News Release
> Mr Richard LeBlanc reports
> Dakota has entered into an agreement effective November 18 1997, to acquire
> 100% of Fastway Explorations Ltd, a 12 year old seismic company based in
> Calgary. Fastway is a well-respected enterprise with a proven and expanding
> history of operations in the oil and gas industry. The acquisition will
> immediately provide Dakota with definitive cash flows, assets and
> profitability.
> For the fiscal year ending August 31 1997, Fastway had gross revenues
> exceeding $8.0 million, a five year average growth rate of 25% with an
> expectation of increased revenue this fiscal year. Given the strong
> achievements within the energy sector and the expectation of continued
> excellence for the forseeable future, this acquisition will provide Dakota
> with expanding corporate performance. Fastway has an active clientele of 45
> producers including several blue chip seniors and a balance of smaller
> producers. The management of the company has agreed to a three year
> employee contract to continue with its excellent corporate development and
> to provide for a gradual and smooth transition.
> The acquisition will be effective October 1 1997. Consideration for the
> transaction includes an undisclosed cash amount and 1,000,000 shares at
> $0.20. The closing date shall be January 31 1998, or sooner by mutual
> consent.
> Conditions for the transaction include completion of additional financing
> by Dakota and approval of the ASE. Financing will be on interim debt basis
> to minimize dilution. In this regard Dakota has retained Swancorp Equities
> as corporate finance consultant effective November 20 1997.
> Dakota is applying for approval for a private placement to raise gross
> proceeds of $750,000 by way of units at $0.25. Each unit consists of one
> share and one warrant to purchase an additional share, exercisable at
> $0.30. Swancorp will assist in this financing which is anticipated to be
> closed early in the New Year.
> The company is evaluating an additional project for application in the oil
> and gas sector and anticipates pursuing it after a further brief period of
> international due diligence.
> (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

CHEERS JIM
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