Subject:
Stockwatch: Layfield Resources Inc - Acquisition
Date:
Fri, 15 May 1998 14:20:25 -0700
From:
newsout@canada-stockwatch.com
Layfield Resources Inc LAY
Shares issued 27,236,010 May 14 close $0.20
Fri 15 May 98 Acquisition
The VSE has accepted for filing an option agreement dated March 25, 1998
between South African Minerals and the company whereby the company may earn
75 per cent in SAF's interest in the Molopo properties, Botswana.
Consideration is the issuance of 1,000,000 shares, incurring at least
$5,000,000 (U.S.) of work expenditures and delivering to SAF, SAF shares
held by the company having a deemed value of $500,000 as follows:
a) 250,000 SAF shares forthwith; and
b) Within 12 months, a further 250,000 shares of SAF, if SAF shares are
trading at $1.00 or less, or a lesser number of shares worth $250,000
if SAF shares are trading over $1.00;
c) Issue 200,000 company shares forthwith, and 200,000 on each of the
following four anniversaries subject to filing reports acceptable to
the exchange; and
d) Expend minimum cumulative sums of $350,000 (U.S), $850,000 (U.S),
$1,850,000 (U.S), $3,000,000 (U.S) and $5,000,000 (U.S) within each of
the first, second, third, fourth and fifth years from the VSE
acceptance date.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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