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Gold/Mining/Energy : ISLAND-ARC RESOURCES IAR-VSE
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To: VAUGHN who wrote (22)1/14/1998 9:49:00 PM
From: The Fix   of 186
 
More News.....

Subject:
Stockwatch: Island-Arc Resources Corporation - News Release
Date:
Wed, 14 Jan 1998 13:51:12 -0800


750,000 share debt settlement; $381,000 financing

Island-Arc Resources Corporation IAR
Shares issued 8,583,285 Jan 13 close $0.33
Wed 14 Jan 98 News Release
Mr Lawrence Barr reports
The company has reached agreement with three creditors to settle $225,000
in debt by the issuance of 750,000 shares at $0.30.
The company has arranged the private placement of 1,270,000 special
warrants at $0.30. No commission is payable in respect of the private
placement.
Each warrant issued in respect of the private placements will be
convertible at no additional cost to the placee into one share and one
warrant entitling the holder to purchase an additional share at $0.30 in
the first year and at $0.35 in the second. The warrants will be converted
on the earlier of 330 days; the date an offering prospectus is accepted for
filing; or in four months if an annual information form is filed with the
BC Securities Commission.
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