I have gone through some old news releases and did not find any reference to restrictions on the shares issued.
Here is a quote from the Sept 8/97 news release:
"Antares will assume obligations of Coleville to Kencana in connection with the acquisition of the Ojolali Property by cancelling Antares shares issued to Coleville in escrow in connection with that acquisition, and reissuing such shares to Kencana."
From the Jan 14/97 news release
"To acquire its interest in the Ojolali property, Antares will pay to its joint venture partner Coleville Resources Limited, U.S.$1,500,000 in cash together with Can.$2,100,000 of Antares treasury shares." as well as "To exercise the option to acquire the COW interest, Antares must pay Coleville Can.$250,000 on or about July 31, 1997 and issue treasury shares to Coleville valued at Can.$1,000,000"
So, I believe in total, $3,100,000 worth of ANZ shares were issued to the Indos instead of CLL. It does not state at what price they were issued at.
Ossie, where did you hear 2.4 million shares?
You were correct Ossie. The news release that stated the Indo Property Agreement was Complete was released On Nov 17/97. I hope your assumptions are correct and the cheap shares are gone. Every run on good news has been killed by strong selling pressure by Midland.
Hey John, maybe ANZ management is monitoring how many shares they have sold and is waiting for the majority to be gone before they release some good news so the momentum will not be killed. Just a thought. |
