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Tuesday March 31, 10:50 am Eastern Time
Company Press Release
Ikar Raises Additional Working Capital for Rushan Project
NORTH VANCOUVER, British Columbia--(BUSINESS WIRE)--March 31, 1998--Ikar Mineral Corp. (OTC BB:IKAR - news) Tuesday announced it has raised $1 million USD in working capital through the efforts of the Draco Group of Companies.
The financing is in the form of a moving convertible debenture in two trenches. The first, for $500,000, has been completed. The second will follow within 30 days.
The Draco Group also is arranging further substantial amounts of working capital for Ikar.
All such funding through the Draco Group will be used for ongoing exploration, and related expenses, pertaining to the development of Ikar's major precious and base metals properties within its Rushan Concession in the Republic of Tajikistan.
On the advice of its board, Ikar announces the following corporate developments:
Re-Incorporation in the State of Delaware
Ikar has re-incorporated in the State of Delaware. Henceforth, the company will be known as ''Ikar Mineral Corp.'' The company's shares will continue to be traded on the OTC Bulletin Board under the symbol ''IKAR.'' The company has now applied to become a fully-reporting issuer.
New Transfer Agent and Transfer of Share Certificates
Ikar Mineral Corp. has appointed Interstate Transfer Co. as its new transfer agent. The company's address is: 56 West 400 South, Ste. 260, Salt Lake City, UT 84101, U.S.A.
Shareholders of Ikar Mineral Corp. must tender their existing share certificates to Interstate Transfer Co. by April 30, 1998, in order to receive a corresponding number of new share certificates in Ikar Mineral Corp.
As a result of the above-noted developments, a new CUSIP number will be issued to Ikar Mineral Corp.
For further information, please contact the Ikar Mineral Corp. Investor Relations Department at 604/986-9961 or 888/322-4527.
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Contact:
Ikar Mineral Corp., North Vancouver
Investor Relations, 604/986-9961 or 888/322-4527
Thread any feedback on the "moving convertible debenture", doesn't that mean it's "FLOORLESS"? What's it's impact on share price going to be, my first inclination is that it will cause the stock price to fall.
Thanks, Jon |
