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Gold/Mining/Energy : Channel Resources (CHU T)
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To: Bobby Yellin who wrote (19)7/3/1998 8:39:00 PM
From: John Stokes  Read Replies (2) of 29
 
Bobby! Solomon does not own shares of CHU. They are in JV with CHU on the bombore exploration owning 45% of that exploration. Solomon has agreed to relinquish their share of this property to EET if EET can acquire 51% or control of CHU in exchange for 1,069,519 EET shares
and 534,760 warrants and EET has to reimburse SOLOMON for expenses to date on that property. The warrants can be exercized for a period of 2 years for a price of $4.49 ea. It is Viceroy resources that owns 26% of the outstanding shares of CHU or app 7,013,350 & CDS & CO that has
8,917,665 shares that EET believes are beneficial to them. The other factor here is Placer's involvement I that they have 2,500,000 shares
of CHU and since they own > (greater than) 10% interest in EET how do you think they will place their shares. This alone totals 18.5 million shares of CHU and that is why I say its a done deal and that CHU cannot prevent the buyout as they have no shareholder protection in
place that I am aware of. From our point of view if these shares are taken off the market who will buy our shares after the deal goes through. The only choice given here is to accept the offer and hope that EET will do well with these properties but we have to surrender our CHU shares before 4:30 pm Halifax july 13 1998 imho unless we get more information from channel.
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