NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: REGAL GOLDFIELDS LIMITED
CANADIAN DEALING NETWORK SYMBOL: REGL
JANUARY 23, 1998
Court Date Set for Regal Goldfields
HALIFAX, NOVA SCOTIA--Regal Goldfields Limited will challenge the
Province of Nova Scotia's decision to expropriate, without
authority and without compensation, the company's exploration
permits for the Jim Campbell's Barren in the Supreme Court of Nova
Scotia on March 11, 1998.
The court date was set following Regal's allegation that the
government didn't have the authority under the Mineral Resources
Act to revoke its mineral exploration permit. Yesterday the
company applied to the Supreme Court of Nova Scotia to have these
actions by the government declared unlawful.
"We're very pleased that the date was set so quickly and that our
case will be heard so soon," says Richard Brissenden, President of
Regal Goldfields Limited. "We want the government to recognize
that we weren't treated fairly and that they revoked our valid
permits without compensation and without authority."
Regal presently has 10,563,643 common shares and 2,000,000 special
warrants outstanding. The special warrants are exercisable into
2,000,000 common shares and 1,000,000 common share purchase
warrants within six business days after a receipt is issued by the
Ontario Securities Commission for a final prospectus qualifying
such common shares and warrants, or on June 23, 1999, whichever is
earlier. Each common share purchase warrant entitles the holder
to acquire one common share in the capital of Regal at an exercise
price of $0.20 per common share at any time on or before December
23, 1999.
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FOR FURTHER INFORMATION PLEASE CONTACT:
McArthur Thompson & Law
Mr. Ian Thompson
(902) 425-1860 ext. 234
(902) 422-2368 (FAX)
NO REGULATORY AUTHORITIES OR SIMILAR BODIES HAVE APPROVED OR
DISAPPROVED OF THE INFORMATION CONTAINED HEREIN. |
