>HERE's One of mine that has been HALTED for three weeks:( See the ITG CASH Parts- Tell me that they will have that settled in less than 3 weeks, also!)Below-( 40 % Dillution-, get with the program, this should ...raise more questions you off! ) An OPEN is what @ next open(?). IMHO.
>ACS Archon Minerals Ltd -
> Stockwatch Bulletins:
> 1998.02.23 15:21 Remain halted
> 1998.02.23 10:24 Agreement to purchase shares in Buffer zone property
> 1998.02.20 06:24 Halt Trading
> No close prices for this period.
CASH CONSIDERATION ( An Offer is a Consideration and an Acceptance!) ( ECONOMICS 101):
Cash Consideration
Tournigan shall pay the vendor a cash payment of US$20,000 on the last day
of each month commencing March 31 1997 until the agreement is approved by
the VSE; these payments shall later be applied against Tournigan's
obligations below.
Tournigan shall pay the vendor US$770,000 within ten days of the effective
date which shall be satisfied as follows:
a. a cash payment of US$20,000; and
b. an affiliate of the vendor shall repay to Tournigan the US$750,000
loan made by Tournigan to such affiliate in November 1997 and this
amount shall be paid to the vendor.
Share Consideration
Tournigan shall issue to the vendor up to 8,000,000 shares as follows:
1. 3,500,000 shares within 90 days of the effective date;
ii. 3,000,000 shares within 10 days of the acceptance of the feasibility
study described below by the exchange; and
iii. 1,500,000 shares within 18 months of the feasibility study acceptance
date.
Tournigan may, at its election, reduce the number of shares issuable at any
time described above by paying to the vendor before September 20 1997 a
cash payment of $1.10 in lieu of a share to a maximum reduction of
2,000,000 shares.
Feasibility Study
As soon as practical after the effective date, Tournigan shall commission
at its expense a feasibility study on the Berenguela project which is
estimated to cost approximately US$3 million and shall be completed within
30 months after the effective date.
Exploration and Feasibility Commitments
Tournigan shall have satisfied either of the following conditions:
Tournigan shall have raised at least US$2,250,000 in equity which shall be
placed in a dedicated account for the purposes of completing the
feasibility study; or
Commencing on the earlier of the effective date and July 31 1998, Tournigan
shall have spent or shall have committed to spend US$140,000 per month for
16 months on the feasibility study and on exploration, development and
maintenance of the property.
Warrant Consideration
Tournigan shall issue to the vendor a conditional warrant with the
following terms:
The conditional warrant shall become effective on the earlier of the
completion of the financing described above and the feasibility study
acceptance date.
The conditional warrant shall entitle the vendor to purchase such number of
Tournigan shares equal to one quarter of the number of Tournigan shares
outstanding on a fully diluted basis (calculated from time to time until
the earlier of the feasibility study acceptance date and expiry of the
conditional warrant) which exceed 24,000,000 Tournigan shares (as an
example, if there are 28,000,000 Tournigan shares outstanding on a fully
diluted basis, the conditional warrant shall be exercisable for 1,000,000
Tournigan shares).
The maximum number of Tournigan shares issuable upon exercise of the
conditional warrant shall be 2,000,000 Tournigan shares.
The conditional warrant shall be exercisable at $1.10 per share and expires
24 months after becoming effective.
Tournigan may elect not to satisfy any of these requirements and in such
case will forfeit its right to acquire title to the shares of the
Berenguela company.
>
RECAP:
1)-to the vendor up to 8,000,000 shares
2)-shares issuable upon exercise of the
conditional warrant shall be 2,000,000 Tournigan shares.
3)-Tournigan shall have spent or shall have committed to spend US$140,000 per month for 16 months on the feasibility study
( so that is =$2,240,000 )
4)-US$3 million and shall be completed within 30 months after the effective date.
5)-cash payment of $1.10 in lieu of a share to a maximum reduction of
2,000,000 shares.
6)- And after the FEASEABILITY STUDY- A Point Penalty of $2,500,000 CN Buckaroos!
Add that up, laugh or cry, your choice, what is wrong with this picture, the Neil Mad Train squashed alot of Copper Pennies! EOM
Chuca |
