-More PAST News (1994, for review): -- Reorganization --
Montello Resources Ltd
MEO
Shares issued 4074076
1993-02-25 close $0.02
Friday Mar 11 1994
Mr Patrick Power reports
Montello has undergone a major reorganization. Montello's new
business focus will be the exploration and development of mineral
properties with an emphasis on diamond exploration. Montello will
immediately begin its search for diamonds by commencing a fixed wing
magnetic and electromagnetic survey of the 500,000 acre Hinton
property near Hinton, Alberta, in which it has an option to earn a 50%
interest.
The reorganization includes:
The transfer of 562,500 escrow shares from Aspblue Ltd of Geneva,
Switzerland to 450332 BC and the settlement of $160,265 worth of debt
by the issuance of 3,205,305 shares. The shares for debt are subject to a
staged escrow release as to 25% upon the reinstatement of trading, and
25% every six months thereafter.
The issuance of 1,500,000 shares to 450332 BC for assignment of the
rights of 450332 BC in an option agreement with Troymin Resources to
acquire approximately 500,000 acres of potential kimberlite bearing
mineral claims near Hinton, Alberta. These shares will be earned out of
escrow on the basis of one share for every $0.10 of exploration
expenditures on the Hinton property.
Completed private placement financing of $478,000 for the reactivation
as to $340,000 from various placees by the issuance of 3,400,000
shares at $0.10 and private placement agreements with Troymin and
others for 690,000 shares at $0.20 ($138,000).
The sale of Montello's interest in Promavia SA, a Belgium based
manufacturer of trainer jet aircraft. Promavia defaulted in its obligations
under the agreement and Montello has sold its interest in Promavia to a
private company, 451306 BC owned and controlled by the former
corporate secretary of Montello, Christina Scott, or an associated or
affiliated corporation for nominal consideration, but subject to the
purchaser agreeing to indemnify and save Montello harmless from any
and all claims which might arise relating to the agreement with
Promavia.
The conversion of debentures in full, into 2,000,000 shares at $0.05.
The acquisition of an interest in the Hinton property and the Zalmac
property.
(c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
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Montello Resources Ltd - New director
MEO
Shares issued 4074076
1994-04-12 close $0.6
Tuesday Apr 12 1994
Mr Patrick Power reports
Mr Daniel Power has agreed to become a director of the company. Mr
Power has previous experience as a director of a public company.
(c) Copyright 1997 Canjex Publishing Ltd.
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Montello Resources Ltd - Resignation; appointment
MEO
Shares issued 4074076
1994-04-19 close $0.62
Tuesday Apr 19 1994
Mr Patrick Power reports
Mr David Hodge has tendered his resignation as a director and officer of
the company effective April 18 1994.
Ms Jeannine Davies was appointed as secretary of the board to replace
Mr Hodge.
(c) Copyright 1997 Canjex Publishing Ltd |
