Obviously something is not clear..help
ps..if Channel appears to be upping it estimates, if no takeover which
would be better average up solomon or channel?
"Globe says board unanimously rejects takeover bid
Channel Resources Ltd
CHU
Shares issued 25,688,034
1998-06-30 close $0.8
Thursday Jul 2 1998
Also Etruscan Resources Inc (EET)
The Globe and Mail reports in its Wednesday, July 1, 1998 edition that Channel
Resources' board has unanimously recommended that shareholders reject
Etruscan Resources' bid for the company. The Globe's News bulletins column
reports that Etruscan is offering to swap one of its shares for each 4.5 shares of
Channel Resources. Channel Resources says an independent special committee of
directors determined the offer is "inadequate and opportunistic," and has been
timed to take advantage of its undervalued stock and "the depressed state of the
mining equity market and cyclical lows for precious metal prices." "
got this from Solomon website
"A budget of CDN$1.2 million has been approved by the joint management committee. Solomon Resources Ltd.
has now earned an equal 50% working interest in the Bombore Project with Channel Resources and is
contributing CDN$600,000 towards this phase of exploration.
Solomon Resources Limited has 27.7 million shares outstanding and has approximately CDN$4.5 million in its
treasury. The Company holds 1,043,700 free trading shares of Viceroy Resources Corporation (VOY-T) and
1,250,000 shares of Oliver Gold Corporation (OGO-V). In addition the Company receives approximately
$100,000 per year in revenue from minor oil and gas interests in Alberta and Saskatchewan." |
