TALK ABOUT SHORT LIVED NEWS RELEASE!
JV with TKO not proceeding; Enchant and Penny projects in default
CPT Pemberton Technologies Ltd PBT
Shares issued 4,086,823 Jun 8 close $0.24
Tue 9 Jun 98 News Release
Mr. Bob Burton reports
The non-arm's length joint venture agreement between TKO Resources and CPT Pemberton, previously announced in February, will not proceed.
The company has been advised by its joint venture partner, Canadian Progress Resources, that both of the company's projects, the Penny project and the Enchant project, are currently in a position of default. The company has reached an agreement with Canadian Progress to first, abandon the Penny project, and second, in order to preserve the company's asset in the Enchant project, the company has agreed to pay a penalty of two times the original purchase price of the property. The original
purchase price of the property was $24,000, therefore, the company has agreed to a penalty of $48,000. It is further agreed that this penalty will be paid in the form of an issuance of $48,000 value of the company's stock based on June 9, 1998 market closing price of 24 cents.
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