Well we aren't South Pacific anymore, maybe we will make our millions with this new name.
South Pacific Resources: Share Consolidation and Name Change
to "LEXACAL INVESTMENT CORP."
Business Wire - June 29, 1998 23:02
%SOUTH-PACIFIC-RESOURCES SHF. %NEW-YORK %MINING %METALS V%BW P%BW
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--June 29, 1998-- SOUTH PACIFIC RES.
(Alberta Stock Exchange:SHF.) South Pacific Resources Corp. (ASE - SHF) announces that at
the June 26, 1998 Special and Annual General Meeting of shareholders, approval was obtained
from shareholders to proceed with the Company's previously announced plans to change its
name to Lexacal Investment Corp. and to consolidate all issued and outstanding common
shares on the basis that each 4 shares will be converted into one share. Application to proceed
with the name change and share consolidation will now be filed with the Alberta Stock
Exchange. Following approval from the Stock Exchange, all holders of common shares then
outstanding will be issued with instructions describing the procedure by which they will be able
to obtain replacement share certificates evidencing the Company's new name and the number
of common shares to which they are entitled. Pending approval from the Stock Exchange, the
Company's shares will continue to trade under the symbol "SHF".
The Company's current name reflects its historic business activities which were restricted to
both the mineral exploration business and to South East Asia. At present, the Company's Board
of Directors has not yet finalized the Company's new business direction but in the planning for
new directions, the Board of Directors feels that the Company should not be restricted to either
a geographic region or to the natural resources business. At the shareholders' meeting, the
shareholders approved resolutions authorizing the Company to seek a change in business
direction through investments outside the natural resource area. Accordingly, the Company's
proposed new name of "LEXACAL INVESTMENT CORP." is intended to allow for flexibility in both
business direction and geographic sphere of influence.
In the meantime, the Company is continuing its efforts to secure joint venture arrangements
over all of its Indonesian mineral exploration projects. As previously announced, the Company's
Mirih Project is the subject of a joint venture with Teck Exploration Ltd. of Canada and MM Gold
Pty. Ltd. of Australia. An extensive ground exploration program to follow up previously identified
airborne geophysical anomalies is currently underway on the Mirih Project by the joint venture
partners.
The Company is continuing to seek new investment opportunities.
Note to Editors: The Alberta Stock Exchange has neither approved or disapproved the
information contained herein.
CONTACT: South Pacific Resources Corp.
Robert Chase, 604/687-5305
spacific@axion.net |
