Steppe Gold (SPE:V) Message Board

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Gold/Mining/Energy : Steppe Gold (SPE:V)

SPE 15.22

+0.1%

Nov 6 4:00 PM EST

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To: Robert Dydo who wrote (932)	5/20/1998 4:44:00 PM
From: Robert Dydo	Read Replies (2) of 1248

I have received an opinion to the interpretation of this news release and its consequence. The particular problem is in this sentence: "Conversion of the Steppe Gold Note into common shares in Steppe Gold is conditional upon the conclusion within 4 months of legal and technical due-diligence satisfactory to Standard Bank of London in relation to the Mizek loan and related financial facilities and in the event that this condition is not met the Note may be converted, at Goldbelts' option and in its entirety, into 100% of the shares in Goldbelt International." The conversion will take place if within 4 months from transaction closure(May 15/98) SPE will receive satisfactory conclusion of SBL's due diligence. Therefore the trigger for four months is the transaction itself and in this context if SBL will not finance Mizek by the September 15, the properties will remain Goldbelt's. I believe this is the right message and my version was wrong. Robert

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