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Gold/Mining/Energy : Cadre Resources (CSL.V) Awaiting production #'s and Financ
CSL 316.08-0.1%Nov 26 4:00 PM EST
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To: Joel W. Grothendick who wrote (468)3/13/1998 12:45:00 PM
From: Tritone_ch  Read Replies (2) of 1285
 
Cadre Resources Ltd -

Revised settlement offer made to Raymond Hanson

Cadre Resources Ltd
CSL
Shares issued 4063218
1998-03-04 close $0.26
Wednesday Mar 11 1998
Mr R. Page Chilcott reports
Cadre Resources has made a revised settlement offer in an effort to settle the
dispute with Raymond Hanson and his associated companies of Spokane,
Washington. The parties are scheduled for an arbitration hearing in Seattle for
approximately seven days at the end of April 1998. The current offer represents
an amendment to the terms of the settlement agreement reached in 1997, which
agreement did not close.
The company is hopeful that the settlement offer will be accepted by Mr Hanson,
and the costs of the arbitration, and further delay to the company's business plan,
will be avoided. However, if the matter goes to arbitration, the company is
confident that it will receive a favourable award.
In conjunction with the resolution of the Hanson dispute, the company's major
creditors have agreed in principle to accept shares of the company in settlement of
their respective debts. The terms of the debt settlements will be announced when
the formal agreements have been entered into.
With the resolution of the Hanson dispute and the settlement of outstanding
liabilities, the company will be able to re-focus its attention on the Rosita 1
concession in Venezuela.
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