JV with TKO not proceeding; Enchant and Penny projects
in default
CPT Pemberton Technologies Ltd
PBT
Shares issued 4086823
1998-06-08 close $0.24
Tuesday Jun 9 1998
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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