Another press release , but at least this time it sound's like
maybe something might be happening over there ??
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: RIOSUN RESOURCES CORPORATION
VSE SYMBOL: RSR
DECEMBER 1, 1997
Riosun Resources Receives Approval for Private Placement
CALGARY, ALBERTA--The Company is pleased to announce that it has
received formal approval from the Vancouver Stock Exchange
(V.S.E.), for filing of a non-brokered Private Placement in the
amount of $750,000.00.
The previously announced Private Placement of November 4th, 1997,
for 3,000,000 shares, and warrants to purchase 1,500,000 shares of
Riosun. The Placement is subject to a 1 year hold period,
pursuant to the Vancouver Stock Exchange Regulations.
The funds will be used for the re-opening of the Eximad Emerald
Mine in Madagascar, as well as ongoing operations of the Company.
The Company has hired Mr. Gerhard K.W. Jacob, P. Geol. M.Sc.
Geol., as Mine Manager. Mr. Jacob, a Canadian resident, has
successful mining experience in Africa in circumstances similar to
Eximad.
P. Charles Cochrane, President, along with company Geologists Mr.
Griff V. Lloyd, P. Eng, P. Geol., and Mr. Gerhard Jacob, will be
traveling to Madagascar early in December to review the minesite
conditions, and to develop a final plan.
The Company has filed its third quarter financial report. Deferred
costs related to exploration and development, and capitalized
overhead amounted to $58,837.00 for the period. There was no
income from operations during this quarter. The Company arranged
to convert debt into equity in the amount of $560,000.00. During
this quarter, Company President Mr. P. Charles Cochrane traveled
to Madagascar and among other matters, made direct application to
the Ministry of Mines to hold all permits and concessions
directly. The Company withdrew its application to the V.S.E.
regarding the "Glamorgan Farm-In Agreements", and has also chosen
to defer involvement with People's Republic of China initiative.
A copy of the third quarter financial statements will be mailed
out to all registered shareholders, when the current mail strike
is resolved.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Riosun Resources Corporation
Ken Hughes
Director
(403) 266-3644
(403) 266-3648 (FAX) |
