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Attention Business/Financial Editors:
THE COURT RATIFIES ST. GENEVIEVE AND KWG PLANS OF ARRANGEMENT
MONTREAL, May 11 /CNW/ - St GeneviŠve Resources Ltd. (''St-GeneviŠve'')
and KWG Resources Inc. (''KWG'') (collectively, the ''Companies'') announced
today that the Superior Court of Quebec has ratified on Friday, May 8, 1998,
their respective plans of arrangement filed under the ''Companies' Creditors
Arrangement Act''.
The plans of arrangement have as their main objective the sharpening of
the Companies' focus on key projects and the generating of sufficient funds to
continue operations. Also, they provide for the issuance of treasury shares by
the Companies in repayment of certain debts owing by each; however, the shares
to be so issued may only be issued in trust to the Monitor appointed under
their respective plans of arrangement who may in turn only release such shares
to the creditors upon the clearance by each of St. GeneviŠve and KWG,
respectively, with the Quebec Securities Commission of a prospectus qualifying
their issuance.
St. GeneviŠve and KWG are mining exploration companies currently trading
(without quotation) on CDN under the symbols SGVE and KWGR. St. GeneviŠve and
KWG have respectively 86,086,233 and 36,036,070 issued and outstanding shares.
NO REGULATORY AUTHORITY HAS APPROVED NOR DISAPPROVED
THE CONTENT OF THIS PRESS RELEASE
-30-
Renseignements: Mary Peschka, St. GeneviŠve Resources Ltd.,
(416) 941-8709 or Jacques Rossignol, Lapointe Rosenstein, (514) 925-6336
This press release concerns more than one organization.
To view releases from one of these organizations, please select from below.
KWG RESOURCES INC.
ST. GENEVIEVE RESOURCES LTD.
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