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Gold/Mining/Energy : JAB International (JABI)

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To: James Bender who wrote (1497)	11/24/1997 10:38:00 AM
From: Oscar	Read Replies (4) of 4571

Question for Gary, Darlene, Lionel, whomever: Do we know if it is possible for Sterling Mining to exercise its option for the 6 million warrants immediately, and turn around and sell them? If so, and if they averaged a selling price of, say, $1.30 per share, it would mean that they could then put in a net total of $3 million for 30% of the company, according to my simple arithmetic. In other words: $500,000 initial jv check on 11/21/97 plus $1.8M payment for 6M shares at 30 cents/share plus $7.8M proceeds for 6M shares at avg prx of $1.30/share less $8.5 subsequent payments for 30 per cent of the company equals Net cost of $3 million for Sterling. Am I missing something? Oscar

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